Germany-based steelmaker Salzgitter Group has announced its financial results for the first quarter of the current year, posting a net profit of €48.7 million, compared to a net profit of €1 million in the corresponding quarter of 2016.
Salzgitter's sales revenues amounted to €2.35 billion in the first quarter this year, increasing by 26 percent year on year due to better average selling prices for steel products, while the company's EBITDA totaled €184.8 million, rising by 75 percent compared to the first quarter of the previous year.
Salzgitter stated that, thanks to selling prices rising in the EU steel market, its Strip Steel Business Unit expects a more positive development of business in the current year. Assuming that robust demand holds steady, a notable increase in sales can be expected. Meanwhile, the company’s Plate/Section Steel Business Unit is expected to remain exposed to a difficult market environment in the current year.