Germany's second-largest steelmaker Salzgitter AG has released its financial report for the first quarter of 2009.
According to the report, during the first quarter of 2009 the consolidated external sales of Salzgitter decreased by 24 percent from €2.901 billion to €2.195 billion compared with the same period last year.
In addition, the company posted a net loss of €74 million in the first quarter of 2009, compared with earnings after tax of €195 million in the year-ago period.
Salzgitter said that its first quarter loss was in line with market expectations. It also added that it expected a recovery in the rolled steel market and automotive industry, which would make it possible to break even this year.