Profit drops for Salzgitter Q1 2024

Admin I Monday, May 13, 2024

 

BERLIN – First quarter consolidated profit at German steel giant Salzgitter declined to €15 million ($16.1 million) from €140.5 million last year, the company said on Monday.

Basic earnings per share were €0.24 compared to €2.57.

Salzgitter reported earnings before interest and taxes (EBIT) of €45.2 million compared to €214.2 million last year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) declined to €126.4 million compared to €290 million last year. External sales also dropped to €2.68 billion compared to €2.98 billion seen in the prior year.

The company said the result was mainly driven by the Technology Business Unit that delivered an extremely satisfactory quarterly result, as well as by a contribution from Aurubis AG, an investment included at equity.

For the financial year 2024, the company expects sales of around €10.5 billion, and EBITDA of between €550 million and €625 million.