Germany-based steelmaker Salzgitter Group has announced its financial results for the first nine months of the current year, posting a net profit of €12.1 million, compared to a net loss of €12.2 million in the corresponding period of 2014.
Salzgitter's sales revenues amounted to €6.69 billion in the January-September period this year, down 1.76 percent year on year, while the company's EBITDA totaled €153.7 million, decreasing by five percent compared to the first nine months of 2014.
According to the company, its strip steel business unit expects a clearly negative result for the fourth quarter and therefore for the financial year 2015 overall. This is primarily due to the blast furnace relining which commenced in the last week of August at Salzgitter Flachstahl GmbH, and which will lead to roughly €80 million in one-off costs in the second half of the year. Savings on the cost front, thanks to the commencement of regular operations at the new pulverized coal injection plant among other things, are not expected to offset this completely. Overall, it is assumed that lower sales will be recorded than in the financial year 2014. Without the negative direct and indirect costs of the blast furnace relining, a return to the black would likely have been achieved.