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Salzgitter Slips To Loss In Q1; Sees Negative Pre-tax Result In 2020

Salzgitter (SZGPF.PK,SZGPY.PK) reported that its first-quarter after-tax loss was 43.7 million euros, compared to net income of 96.7 million euros last year. Loss per share was 0.83 euros, compared to earnings per share of 1.76 euros in the previous year.

Pre-tax loss was 31.4 million euros compared to pre-tax net income of 125.9 million euros last year. The latest-quarter result included the contribution of negative 18.7 million euros from the participating investment in Aurubis AG accounted for pursuant to the equity method.

Quarterly external sales decreased to 2.11 billion euros from last year's 2.29 billion euros, due to the lower steel prices, in conjunction with the downturn in shipment volumes.

Looking ahead for financial year 2020, the company anticipates a notable reduction in sales; a negative pre-tax result in a significant, most likely triple-digit million euro range.

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