Salzgitter expects loss for full year

Salzgitter expects loss for full year

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Germany-based steelmaker Salzgitter Group has announced a pre-tax loss of €224.4 million for the first nine months of the current year due to the impact of the coronavirus pandemic. The company had reported a pre-tax profit of €40.7 million in the first nine months of 2019.

Salzgitter stated that its sales revenues amounted to €5.3 billion in the given period, decreasing from €6.6 billion in the same period of the previous year, due to volumes and selling prices.

The company expects the second and third quarters to probably mark the bottoming out of the current crisis. It also said that the development of the overall economic situation remains uncertain. Salzgitter also noted that it expects to announce a pre-tax loss of €253.3 million for 2020.

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