Salzgitter posts 128 million euro first half loss on COVID-19 pandemic
Reuters
Published Jul 22, 2020 17:53
FRANKFURT (Reuters) - German steelmaker Salzgitter (DE:SZGG) on Wednesday said that low capacity utilization due to the COVID-19 pandemic led to a pre-tax loss of 127.8 million euros (116.4 million pounds) in the first half, exceeding worst investor expectations.
"We anticipate that the second and third quarter will likely mark the bottoming out of the current crisis," it said in a statement, adding that due to the uncertainty about the macroeconomic recovery, only a rough financial forecast was possible for the remainder of the year.
Salzgitter said it now expects a 2020 pre-tax loss in a low to mid-triple digit million euro range. That compares to its former wording of a forecast for a negative pre-tax result in a significant, most likely triple-digit million euro range.
Revenues in the first six months were down 20% at 3.6 billion euros, the company said.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.