On May 12, Germany-based steelmaker Salzgitter Group issued its financial results for the first quarter of 2010, stating that ongoing economic recovery supported both the current order and capacity utilization situation as well as the further business outlook of the Salzgitter Group.
According to the financial results, a pre-tax loss of €17.1 million was registered in the first quarter of 2010, compared with a pre-tax loss of €98.3 million in the first quarter of 2009. The company said that the loss includes € 19.7 million worth of provisions formed for streamlining measures.
The net loss stood at €13.3 million compared to the €74.1 million net loss in the first quarter of 2009, bringing earnings per share to - €0.27.
The company pointed out that the outlook for the steel market in 2010 remains unclear, commenting, "The immense and rapid fluctuations in the cost and price of commodities have reduced planning certainty to a minimum. Irrespective of the sustained global recovery in the steel markets, a reliably quantified outlook for sales and the results of the Salzgitter Group cannot therefore be given for the financial year 2010."