Frankfurt, August 12 (FFN) – German steel company Salzgitter reported a loss for the second quarter, partly due to a decline in revenue caused by the unfavorable economic situation in Europe, particularly in Germany, according to a report by DPA.
Salzgitter, one of Europe’s largest steel producers, reported a net loss of €33.5 million for the three-month period from April to June. This compares with a net profit of €19.7 million in the same period last year.
The pre-tax profit stood at €5.7 million, significantly lower than the €27.3 million reported in the previous year.
The company’s deteriorating performance was already evident in the first quarter, where pre-tax profit dropped by approximately 86%. While Salzgitter recorded a pre-tax profit of €126 million in the first three months of 2023, it only managed €17 million in the first quarter of this year.
Revenue for the second quarter reached €2.57 billion, down from €2.85 billion in the same period in 2023.
Financial Performance of Salzgitter
| Metric | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Net Profit/Loss (€ millions) | 19.7 | -33.5 | -53.2 |
| Pre-tax Profit (€ millions) | 27.3 | 5.7 | -21.6 |
| Revenue (€ billions) | 2.85 | 2.57 | -0.28 |
Pre-tax Profit Comparison
| Period | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Pre-tax Profit (€ millions) | 126 | 17 | -109 |
