Germany-based steelmaker Salzgitter Group has issued its financial results for 2009, stating that the year was one of the most difficult financial years in the 150-year history of the group.
According to the financial results, the net loss of the company was €386.9 million in 2009, compared with a net profit of €679.9 million in 2008. Sales revenues in 2009 saw a decrease of 37.4 percent, dropping from €12.5 billion in the previous year to €7.82 billion.
The company said that during the first nine months it had to absorb a dramatic slump in demand for rolled steel products, among other occurrences. Salzgitter said that the challenges were coped with thanks to the company's sound and broad business base, its healthy financial position, as well as immediately implemented measures aimed at stabilizing performance.