Germany-based steelmaker Salzgitter Group has announced its financial results for 2016, stating that, despite the disastrous conditions in the European steel market caused by imports at the start of the year, it closed the financial year 2016 with a significant year-on-year increase in earnings before taxes.
In 2016, Salzgitter recorded a net profit of €56.8 million, compared to a net loss of €56 million in 2015, while the company's sales revenues amounted to €7.9 billion, down 8.2 percent year on year due to the downtrend in the average selling prices of steel products.
Against the backdrop of additional positive effects from the antidumping measures initiated in Europe, ongoing cost reduction measures and growth programs, for the current year Salzgitter anticipates an increase in sales to around €9 billion and a pre-tax profit of between €100 million and €150 million.