Salzgitter AG Adjusts Financial Guidance for 2024 Amid Economic Challenges

Salzgitter AG has revised its financial outlook for 2024, reflecting a challenging economic environment. For the first nine months, the group reported sales of €7.7 billion, a decrease from €8.4 billion during the same period in 2023. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also declined to €322 million from the previous year's €576 million, alongside a pre-tax loss of €140 million.

This performance was impacted by a €130 million impairment, largely due to adjustments in the assets of the Mannesmann Precision Tubes Group. However, earnings were moderately supported by a €109 million contribution from its investment in Aurubis AG.

In response to market challenges, Salzgitter AG has initiated measures, expecting one-off expenses of up to €120 million. Consequently, they anticipate sales between €9.5 billion and €10 billion, with EBITDA projected between €275 million and €325 million, and a pre-tax loss ranging from €275 million to €325 million.