SynopsisSalzgitter AG, holding a significant stake in Aurubis AG, has suspended its earnings guidance for the 2023 financial year. This decision follows Aurubis AG's announcement of an inability to maintain its existing guidance for the 2022/23 fiscal year. The earnings performance of the Aurubis AG stake directly impacts Salzgitter Group's annual results, prompting the suspension of guidance until Aurubis AG provides updated information.ArticleIn a recent development, Salzgitter AG, a key player in the steel industry and holding a substantial interest in Aurubis AG, has taken the decision to suspend its earnings guidance for the 2023 financial year. This move follows an announcement by Aurubis AG, made through an ad hoc release, stating that it cannot maintain its existing guidance for the current 2022/23 fiscal year. The precise revised guidance from Aurubis AG remains pending.Salzgitter AG's stake in Aurubis AG stands at 29.99% and is accounted for using the equity method. Consequently, the earnings performance of this investment directly influences the financial results of the Salzgitter Group for the year. It forms an integral part of the Group's results planning.Given the interdependence of these financial interests, the Executive Board of Salzgitter AG has opted to suspend its earnings guidance for the ongoing financial year. This suspension is temporary and will be adjusted as necessary once Aurubis AG provides updated guidance for the 2022/23 fiscal year.This development underscores the significance of intercompany holdings in the steel industry and the potential impact of one company's financial performance on another. As both Salzgitter AG and Aurubis AG await further clarity on guidance, the industry will be watching closely for update
SynopsisSalzgitter AG, holding a significant stake in Aurubis AG, has suspended its earnings guidance for the 2023 financial year. This decision follows Aurubis AG's announcement of an inability to maintain its existing guidance for the 2022/23 fiscal year. The earnings performance of the Aurubis AG stake directly impacts Salzgitter Group's annual results, prompting the suspension of guidance until Aurubis AG provides updated information.ArticleIn a recent development, Salzgitter AG, a key player in the steel industry and holding a substantial interest in Aurubis AG, has taken the decision to suspend its earnings guidance for the 2023 financial year. This move follows an announcement by Aurubis AG, made through an ad hoc release, stating that it cannot maintain its existing guidance for the current 2022/23 fiscal year. The precise revised guidance from Aurubis AG remains pending.Salzgitter AG's stake in Aurubis AG stands at 29.99% and is accounted for using the equity method. Consequently, the earnings performance of this investment directly influences the financial results of the Salzgitter Group for the year. It forms an integral part of the Group's results planning.Given the interdependence of these financial interests, the Executive Board of Salzgitter AG has opted to suspend its earnings guidance for the ongoing financial year. This suspension is temporary and will be adjusted as necessary once Aurubis AG provides updated guidance for the 2022/23 fiscal year.This development underscores the significance of intercompany holdings in the steel industry and the potential impact of one company's financial performance on another. As both Salzgitter AG and Aurubis AG await further clarity on guidance, the industry will be watching closely for update
