EQS-News

Salzgitter AG with mixed first quarter of 2024 - Seite 2

As Chief Financial Officer Birgit Potrafki states, commenting on the financials:

“Neither a continuation of the slight recovery tendencies discernible at the start of the year, nor the originally anticipated gradual brightening of the market environment have so far materialized. An economic rebound in Germany and in Europe is only likely to manifest at a later point in time and be weaker than predicted a few months ago. In Germany, our key customer markets of construction, automotive and mechanical engineering in particular experienced a partly pronounced phase of weakness throughout the first quarter. This had – and continues to have – a direct impact first and foremost on the performance of our Group’s steel-related companies whose results are not a reason for us to be satisfied. Thanks to our business with filling and packaging machinery and our 30 % participating investment in Aurubis AG, we were nevertheless able to deliver a small pre-tax profit in the first quarter of 2024 that exceeded the results produced in the third and fourth quarter of 2023. Diversification is paying off once again. However, the result serves to highlight the importance of our measures aimed at internal profit improvement and cost discipline. We will be untiring in these endeavors, especially as we are right in the middle of the capital-intensive transformation as part of SALCOS. The Salzgitter Group’s balance sheet and sound financial position remains very robust despite all the challenges.”

 

External sales by business unit (EUR million):

	Q1 2024	Q1 2023
Steel Production	932.0	1,038.8
Steel Processing	436.0	562.0
Trading	836.3	918.2
Technology	425.4	420.4
Industrial Participations / Consolidation	48.1	43.1
Group	2,677.9	2,982.5