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Elementis reports lower six months profits following chromium maintenance shutdown
11:54 PM MDT | July 30, 2013 | Natasha Alperowicz
Elementis (London) on Tuesday reported a 10% fall in first half pretax profit to $67.5 million citing maintenance shutdown at its chromium division. The company says it expects a better second half as it would not have any maintenance shutdowns during the period. Sales were down to $388.2 million from $401.3 million in the first half of 2012 and operating margin dropped from 20.1% to 18.8%. Operating profit was also down 10% to $72.8 million. Sales at the chromium division fell 18% due to the shutdown and challenging markets, particularly outside North America...
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