German steelmaker Salzgitter has announced that it has revised its earnings guidance upward for the current year.
According to Salzgitter’s statement, since the early months of this year Europe’s steel market has stabilized notably, due to the surprisingly steep decline in Chinese dumping imports and the associated increase in the price level of many steel products. Therefore, the company’s expectations and results are more positive at present than at the beginning of the year.
Accordingly, subject to the stable development of the market, Salzgitter expects a pre-tax profit in the range of €30-60 million for the current year, compared to the former guidance of a pre-tax profit of around €13 million. However, the company expects a slight decrease in sales to around €8-8.5 billion, owing particularly to lower international shipment volumes. The former sales guidance stood at around €8.6 billion, remaining stable compared to the previous year.