Sandvik reports strong growth in 2021

March 16, 2022

In 2021, Sandvik was reported to be the first company to successfully additively manufacture super-duplex stainless steel (Courtesy Sandvik)

Sandvik AB, Stockholm, Sweden, has published its Annual Report for 2021, noting a successful year with strong delivery on its focus on growth. The group reported a total order intake of SEK 108,898 million. Revenues of SEK 99,110 million up 15% from SEK 86,409 million in the previous year. An operating profit of SEK 18,451 million before tax was also up from 2020’s SEK 11,238 million.

A breakdown of revenues by customer segment showed that 40% was generated in mining; 23%, engineering; 9%, infrastructure; 8%, automotive; 8%, energy; 4%, aerospace, with 7% going to unspecified segments. By region, 34% of Sandvik’s revenues came from Europe, 22% from North America, 20% from Asia, 10% from Africa and the Middle East, 9% from Australia and 5% from South America.

Throughout 2021, the group acquired ground support product provider DCI Underground; integrated software platform supplier Deswik; software solutions companies CNC Software, Cambrio and ICAM technologies; metrology solutions providers DWFritz Automation and Dimensional Control Systems; round tools suppliers GWS Tool Group and Chuzhou Yongpu Carbide Tools and Fanar; mining industry supplier Kwatani and medical wire forming and component manufacturer Accuratech Group.

Sandvik Mining and Rock Solutions

2021 was said to be characterised by a strong market with good underlying demand for the Mining and Rock Solutions business unit. Total revenues were SEK 41,409 million up from SEK 33,572 million in 2020. Order intake was reported at SEK 47,460 million (2020: 34,832 million).

The division’s best-performing commodities were gold and copper, representing 38% and 21% of Sandvik’s 2021 revenue, respectively. Coal represented 10%; zinc and platinum, 6% respectively; iron ore, 3%; and diamonds, 2%. Other metals and other base metals each made up 5%. The remaining 4% was made up of other minerals.

By market area, 21% of the division’s revenues came from North America. Australia, Africa and the Middle East and Asia each represented 20%, with Europe at 11% and South America at 8%.

Sandvik Rock Processing Solutions

This business unit was established on January 1, 2021, formed from Sandvik Mining and Rock Technology. The new unit is comprised of Stationary Crushing and Screening, Mobile Crushing and Screening, Attachment Tools and Shanbao.

Initial order intake was reported at SEK 8,524 million with a revenue of SEK 7,610 million. 53% of revenue by customer segment was made up of infrastructure, with mining making up the remaining 47%.

By market area, 30% of the division’s revenues came from Europe; 23%, Asia; 22%, North America; 10%, Africa and the Middle East; 9%, South America and 6%, Australia.

Sandvik Manufacturing and Machining Solutions

This market still saw the effects of the COVID-19 pandemic at the beginning of the year, with the aerospace and energy segments taking the hardest hits. These segments improved by the end of the year, but were still reported at a lower level than pre-pandemic.

Total revenues were MSEK 36,681, up from MSEK 32,477 in 2020. Order intake was reported at SEK 37,680 million (2020: 32,677 million).

Some 49% of the revenue by customer segment consisted of engineering. Automotive saw 20%; aerospace, 9%; energy, 6%; and mining, 1%. Other ventures made up the remaining 15%.

By market area, 53% of the division’s revenues came from Europe; 22%, North America; 21%, Asia; and 2%, South America. Africa & the Middle East and Australia each accounted for 1%.

Sandvik Materials Technology

This unit was said to have performed well throughout the year, noting recovery in all segments. Order intake in the oil & gas and aerospace segments rose, but remained at lower levels than pre-pandemic. Revenue was impacted by order backlog in these two segments, but was said to have been nearly offset by development in other customer segments.

Total revenues were slightly down SEK 13,405 million from SEK 13,598 million in 2020. Order intake, however, rose to SEK 15,234 million from SEK 11,910 million.

24% of the revenue by customer segment consisted of industrial, while chemical & petrochemical was at 16%; oil & gas, 14%; industrial heating, 14%; consumer, 10%; power generation, 8%; mining & construction, 6%; transportation, 4%; medical, 3% and renewables, 1%.

By market area, 50% of the division’s revenues came from Europe; 24%, North America; 22%, Asia; 2%, South America and 2%, Africa & the Middle East.

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