Germany-based steelmaker Salzgitter Group has announced that in view of the apparent course of business in the third quarter and in expectation of its key sales markets continuing to develop well, it has raised its profit forecast for the current year following a strong start to the year.
Salzgitter stated that the EU’s trade defense measures against rising steel imports that have been rigorously implemented since mid-July are taking effect and limiting the redirection of trade flows as a consequence of US duties. According to the company, from today’s standpoint, the uncertainties pertaining to trade policies have therefore become less opaque, at least through to the end of the year.
Accordingly, Salzgitter now expects a pre-tax profit of between €300 million and €350 million for this year, compared to its previous pre-tax profit guidance of between €250 million and €300 million announced in April this year.