On August 12,
Germany-based steelmaker Salzgitter Group issued its financial results for the second quarter of 2010, stating that, when compared with the same period of the crisis-ridden previous year, the business of the group has clearly stabilized.
According to the financial results, a pre-tax profit of €18.6 million was registered in the second quarter of 2010, compared with a pre-tax loss of €96.9 million in the second quarter of 2009.
In the first half of 2010 Salzgitter Group's operating profit before tax was €21.2 million, compared to a €158.6 million loss in the first half of 2009. A net loss of €3.5 million was recorded in the first half of 2010, compared to a €165 million net loss in the first half of 2009.
Salzgitter said that the generally unsatisfactory selling price level and capacity underutilization in the steel section product segment resulted in another loss at its steel division. The pre-tax loss of the division in the first half of 2010 narrowed to €76.2 million from €190.2 million in the first half of 2009.