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Salzgitter Posts H1 Loss

Salzgitter AG (SZGPF.PK,SZGPY.PK) Wednesday reported a first-half pre-tax loss of 127.8 million million euros, compared to pre-tax profit of 145.3 million euros last year.

The group's external sales decreased to 3.6 billion euros from 4.5 billion euros last year, hurt largely by "volume and selling price reasons."

The company said its first-half results were impacted by the COVID-19 pandemic, as the subsidiaries of the group reported a drop in capacity utilization of between 10 and 70 percent in the second quarter.

Looking forward, the board said it "anticipates that the second and third quarter will likely mark the bottoming out of the current crisis."

The company anticipates a negative pre-tax result in a low to mid-triple digit million euro range for the full year 2020.

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