Admin I Monday, August 12, 2024
LOWER SAXONY – The German steel producer Salzgitter reported a second quarter net loss on Monday, as sales declined in the face of a downward economic trend in Europe, and especially Germany that has significantly weighed on the steel industry.
For the three-month period, the company posted a net loss of €33.5 million ($36.6 million) or €0.64 per basic share, compared with a profit of €19.7 million or €0.34 per basic share, registered for the same period last year.
Unappropriated retained loss of Salzgitter AG narrowed to €24.4 million from last year’s loss of €54.1 million. Earnings before taxes stood at €5.7 million as against the previous year’s profit of €27.3 million. Total operating performance slipped to €2.629 billion from €2.817 billion in 2023.
Sales stood at €2.565 billion, down from €2.853 billion a year ago.
Looking ahead, for the full year, the company expects a breakeven pre-tax result, with Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of €400 million to €500 million, on sales of €10 billion.