Germany-based steelmaker Salzgitter Group has announced that it has revised down its earnings expectations for the financial year 2019 and that it expects a mid-double-digit million euro loss before taxes, due to risk provisioning.
Salzgitter Group stated, “The company is the subject of investigations on the grounds of suspected cartel arrangements regarding heavy plate and strip steel products.”
The company will increase risk provisions by around €140 million as of September 30, 2019.