Germany-based steelmaker Salzgitter Group has issued the key figures of its financial results for the third quarter and the first nine months of 2011, posting a significant increase in its profits for the third quarter.
According to the financial results, a pre-tax profit of €39.2 million was registered in the third quarter of 2011, compared to a pre-tax profit of €10.8 million in the same quarter of 2010. In the first nine months of the current year, the pre-tax profit of the company climbed up to €169.1 million, from €5.7 million in the corresponding period of 2010.
In January-September, external sales revenues of Salzgitter increased by 18 percent year on year to €7.3 billion, while external sales amounted to €2.5 billion in the third quarter of the year.
According to Salzgitter's statement, the company forecasts earnings before tax of around €200 million in the financial year 2011, taking account of new orders placed in recent weeks. Salzgitter also stated that demand for many products is following a steady trend, though at a more modest level due to the euro zone crisis.