Germany-based steelmaker Salzgitter Group has announced that it has revised its annual forecast in line with the provisional results for the first nine months of the current year.
The company stated that it will register a pre-tax loss of €43 million for January-September, compared to a pre-tax profit of €169.1 million in the corresponding period of the previous year. Salzgitter will also close the third quarter with a pre-tax loss of €25 million due to unsatisfactory results in the steel division.
Accordingly, Salzgitter has adjusted its forecast for the whole year and now expects a pre-tax result around breakeven.
"As a seasonal recovery of the steel market has failed to materialize in the second half of the year, it has so far not been possible to implement the price increases urgently required in the face of the persistently high raw material and energy costs," Salzgitter's statement said.