Salzgitter AG Expects Recovery in 2021
Salzgitter AG CEO Prof Dr Ing-Heinz Jörg Fuhrmann and CFO Mr Burkhard Becker said “In a 2020 financial year marked by the corona pandemic and its
Salzgitter AG CEO Prof Dr Ing-Heinz Jörg Fuhrmann and CFO Mr Burkhard Becker said “In a 2020 financial year marked by the corona pandemic and its social and economic upheavals, the Salzgitter Group recorded a pre-tax result of EUR minus 196.4 million. After a collapse in incoming orders in the course of the global economic restrictions in the second quarter, we quickly and consistently countered this with measures to secure earnings and liquidity. Following a stabilization over the summer, the flat steel sector showed the first strong recovery tendencies in the last quarter, which have continued to this day.”
The Group's external sales fell to EUR 7,091 million as compared to EUR 8,547 million in 2019, primarily due to lower average prices for steel products and lower shipments.
At EUR minus 196.4 million, the pre-tax result was higher than the previous year’s EUR minus 253.3 million thanks to consistent crisis management and the recent upward business development, particularly in the Strip Steel, Trading and Technology divisions.
Outlook - Overall, with express reference to the still immanent, hardly quantifiable risk of the corona pandemic, Salzgitter expects the following for the Salzgitter Group in the 2021 financial year
Turnover increased to more than EUR 8.5 billion
Pre-tax profit of between EUR 150-200 million