SALZGITTER (dpa-AFX) - Salzgitter AG (SZGPF.PK, SZGPY.PK), a German steel manufacturer, on Monday reported a loss in its first quarter, compared to prior year's profit as sales were hit by weak prices and trading volumes. Further, the company reaffirmed its outlook for fiscal 2025.
In the first quarter, consolidated loss was 34.6 million euros or 0.66 euro per basic share, compared to prior year's profit of 15 million euros or 0.24 euro per basic share.
Pre-tax loss was 27.3 million euros, compared to profit of 17.2 million euros a year ago. The latest result reflected 23 million euros in charges from the reporting-date-related valuation of derivative positions and 10 million euros in impairment risk from planned portfolio streamlining.
Earnings before interest and taxes or EBIT was negative 0.5 million euros, compared to profit of 45.2 million euros last year.
Earnings before interest, taxes, depreciation and amortization or EBITDA fell to 78.6 million euros from 126.4 million euros in the prior year.
Salzgitter Group's external sales declined 13% to 2.33 billion euros from prior year's 2.68 billion euros, due to a downturn in selling prices and trading volumes and due to the deconsolidation of the stainless tubes group in October 2024.
Crude steel production fell to 1,552.6 kt from 1,678.6 kt last year.
Further, the company continues to expect fiscal 2025 earnings before tax of negative 100 million euros to positive 100 million euros, and EBITDA of between 350 million euros and 550 million euros, on sales of 9.5 billion euros to 10.0 billion euros.
For the full-year 2024, Salzgitter has recorded a loss before tax of 296.2 million euros.
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