Germany-based steelmaker Salzgitter Group has announced that it has raised its profit forecast for the current year following a strong start to the year. According to the preliminary figures, Salzgitter generated a pretax profit of €95.9 million in the first quarter of this year, thereby exceeding current market expectations. The company stated that, along with the gratifying result of its Strip Steel segment, all other business units contributed to this performance, also thanks to the rigorously implemented programs within the group.
Accordingly, the company now expects a pre-tax profit of between €250 million and €300 million, compared to its previous pre-tax profit guidance of between €200 million and €250 million announced in March this year.