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HomeNewsGerman Steelmaker Salzgitter Fell into Loss in Q2

German Steelmaker Salzgitter Fell into Loss in Q2

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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

MetricQ2 2023Q2 2024Change
Net Profit/Loss (€ millions)19.7-33.5-53.2
Pre-tax Profit (€ millions)27.35.7-21.6
Revenue (€ billions)2.852.57-0.28

Pre-tax Profit Comparison

PeriodQ1 2023Q1 2024Change
Pre-tax Profit (€ millions)12617-109
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