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Salzgitter Q3 Loss Narrows; Backs FY20 Forecast For Pre-tax Loss, Weak Sales

German steel producer Salzgitter AG (SZGPF.PK,SZGPY.PK) reported Friday that its third-quarter consolidated result was loss of 98.3 million euros, narrower than loss of 126.2 million euros last year.

Earnings before taxes or EBT was negative 96.6 million euros, compared to loss of 104.6 million euros a year ago.

Earnings before interest and taxes or EBIT was negative 84.7 million euros, compared to loss of 87.6 million euros last year.

EBIT before depreciation and amortization or EBITDA loss, meanwhile, widened to 14.2 million euros from last year's loss of 1.7 million euros.

External sales declined to 1.63 billion euros from prior year's 2.11 billion euros.

Looking ahead for fiscal year 2020, Salzgitter Group now expects a pre-tax result roughly in the year-earlier range - a loss of 253.3 million euros - excluding potential special effects.

The company previously said it expects a negative pre-tax result in the low to mid-triple digit million euro range.

The company continues to project a notable reduction in sales.

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