Germany-based steelmaker Salzgitter Group has issued the key figures of its financial results for the financial year 2011, reporting that earnings before tax more than quadrupled on the back of substantial sales growth.
According to the financial results, a pre-tax profit of €201.6 million was registered in 2011, compared to a pre-tax profit of €48.9 million in 2010. In the given period, external sales revenues of Salzgitter increased by 19 percent year on year to €9.84 billion. Salzgitter's net profit in 2011 amounted to €236 million, compared to €30 million in the previous year.
According to Salzgitter's statement, its steel division's external sales increased to €2.73 billion, up 20.8 percent year on year, thanks to higher average selling prices accompanied by a larger volume of shipments. The steel division closed the year with a pre-tax profit of €25.7 million.