Germany-based steelmaker Salzgitter Group has announced its financial results for the first quarter of the current year, declaring a net loss of €43.7 million, compared to a net profit of €96.7 million in the same period of the previous year, while the company's sales revenues amounted to €2.11 billion, down by 8.1 percent year on year, due to the lower steel prices compared with the previous year, in conjunction with the downturn in shipment volumes. The company’s EBITDA in the given period dropped 74.9 percent year on year to €57.2 million.
Salzgitter said it will not provide a new forecast for the current financial year due to uncertainties related to the coronavirus and the inability to evaluate reliably the company’s business performance amid the coronavirus outbreak. However, the company anticipates a notable decrease in sales and also expects its pre-tax loss to be over €100 million for the current year.
Meanwhile, the company’s crude steel production totaled 1.68 million mt in the first quarter of the year, down by 3.3 percent year on year.