Salzgitter reports best half-year results in over a decade

Thursday, 12 August 2021 11:54:53 (GMT+3)   |   Istanbul

Germany-based steelmaker Salzgitter Group has announced its financial results for the first half of the current year, recording its best half-year result for more than a decade.

The company posted a net profit of €230.6 million for the first half this year, compared to a net loss of €144.7 million in the same period of the previous year, while the company’s sales revenues amounted to €4.43 billion, up by 22.1 percent year on year. The company’s EBITDA in the given period rose to €478.6 million compared to €49.7 million in the same period of the previous year.

Meanwhile, the company’s crude steel production totaled 3.38 million mt in the first half of the year, up by 14.4 percent year on year.

“This pleasing result is not only evidence of our performance capabilities, but also gives us tailwind for the tasks to be addressed. We will take the time we need for devising the new corporate strategy and expect to present it in the spring of 2022. Key components of the strategy will include the topics of sustainability and decarbonization in particular. Our ambition is to be able to start hydrogen-based steel production by the end of 2025. This is the course we will take to gradually reducing carbon emissions by 30 percent in the period up to 2030, and to lowering our carbon footprint by more than 95 percent by 2050 at the latest, thereby eliminating around one percent of Germany’s current emissions,” Gunnar Groebler, CEO of the company, said.

As for 2021, the company has revised its sales revenue guidance to over €9 billion and pre-tax profit guidance to between €400 million and €600 million.

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