Salzgitter AG Reports Profit In Q1, Sees Increase In Sales For Full Year

Salzgitter AG (SZGPF.PK) announced earnings before taxes of 117.3 million euros or 1.38 euros per basic share in the first quarter compared with loss before tax of 31.4 million euros or 0.83 euros per basic share in the same quarter a year ago, driven by a sustained recovery in the market and an uptrend in steel prices.

The Salzgitter Group's external sales in the quarter however decreased to 2.094 billion euros from 2.108 billion euros last year.

Looking forward to the full-year, the company sees a pre-tax profit of between 300 million euros and 400 million euros, and an increase in sales to more than 8.5 billion euros.

As part of the "Wind Hydrogen (WindH2)" project that enables us to gain valuable experience in the important field of "hydrogen from renewable energies" essential to SALCOS, we commissioned a 2.5 MW PEM electrolysis plant in March 2021. Germany's only cross-sector project at present will produce green hydrogen with electricity generated by wind power on the site of the steelworks in Salzgitter. Next week will already set another milestone: a groundbreaking ceremony to mark the start of the construction of a demonstration plant, that will realize the world's first direct reduction process making flexible use of natural gas and hydrogen," said Chief Executive Officer Prof. Dr.-Ing. Heinz Jörg Fuhrmann.

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