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Salzgitter reports lower net profit and sales revenue in 2023

Monday, 18 March 2024 14:17:01 (GMT+3)   |   Istanbul

Germany-based steelmaker Salzgitter Group has announced its financial results for 2023.

The company posted a net profit of €204.1 million in the given year, compared to a net profit of €1.09 billion in 2022, while the company’s sales revenue amounted to €10.8 billion, down by 14 percent year on year, due to lower steel prices. The company’s EBITDA for 2023 declined to €677 million, compared to €1.62 billion in the previous year.

Meanwhile, the company’s crude steel production totaled 5.71 million mt in 2023, down by 6.5 percent year on year.

According to Salzgitter’s statement, after a good start to 2023, economic conditions in most markets increasingly deteriorated. Most steel product prices declined from the higher level recorded in the previous year throughout almost the entire financial year, ultimately bottoming out in the last quarter. It expects to see the market environment gradually improve over the course of the year, should the slight signs of recovery hold steady.

As for 2024, the company expects its sales revenue to be in the range of €10.5-11 billion and pre-tax profit to be in the range of €250-300 million.

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