Salzgitter Raises Earnings Forecast for Financial Year 2021
According to the still preliminary figures now available, the Salzgitter Group generated a pre-tax profit of EUR 117.3 million in the first quarter of the
According to the still preliminary figures now available, the Salzgitter Group generated a pre-tax profit of EUR 117.3 million in the first quarter of the financial year 2021, thereby exceeding current market expectations. This performance was especially attributable to the gratifying results of the Strip Steel and Trading business units, as well as a contribution of EUR 42.5 million (Q1 2020: EUR minus 18.7 million) from Aurubis AG, a participating investment included at equity (IFRS accounting). Almost all segments reported a steady increase in their monthly results over the course of the quarter. The Salzgitter Group’s external sales came in at EUR 2.1 billion, thereby remaining stable compared with the first quarter of 2020 (EUR 2.1 billion).
Salzgitter said “In view of the good start to the year and the dynamic increase in rolled steel prices, nevertheless with explicit reference to the still imminent, virtually unquantifiable risk of the coronavirus pandemic, we now anticipate a pre-tax profit of between EUR 300 million and EUR 400 million (previously: between EUR 150 million and EUR 200 million) for the Salzgitter Group in the financial year 2021.”