Salzgitter reports best half-year results in history

Friday, 12 August 2022 11:01:41 (GMT+3)   |   Istanbul
       

Germany-based steelmaker Salzgitter Group has announced its financial results for the first half of the current year, delivering the highest operating result for a first half-year in the company’s history.

The company posted a net profit of €781.0 million for the first half this year, compared to a net profit of €230.6 million in the same period of the previous year, while the company’s sales revenues amounted to €6.63 billion, up by 49.6 percent year on year. The company’s EBITDA in the given period rose to €1.13 billion compared to €478.6 million in the same period of the previous year.

Meanwhile, the company’s crude steel production totaled 3.34 million mt in the first half of the year, down by 1.1 percent year on year.

In addition, Salzgitter’s supervisory board has approved funds of more than €700 million for the first development stage of the SALCOS® program, as SteelOrbis previously reported, thereby marking the largest investment since the company’s listing in 1998.

“We want to be delivering the first volumes produced via the SALCOS® route to our customers even toward the end of 2025. Full transition of the integrated steelworks in Salzgitter to low carbon crude steel production is to have been completed by 2033. This transition would put us in a position to save up to 95 percent of the carbon emissions of around eight million tons produced every year, which approximates to one percent of Germany’s carbon emissions,” Gunnar Groebler, CEO of the company, said.

As for 2022, the company expects its sales revenue to be over €13 billion and EBITDA guidance to be between €1.4 billion and €1.6 billion.


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