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Salzgitter Pre-tax Profit Surges On Pricing Of Steel Products

German steel producer Salzgitter AG (SZGPF.PK) on Thursday said its pre-tax profit for the first quarter increased nearly 300% to 465.3 million euros, from 117.3 million euros in the year-ago period driven by surge in prices of rolled steel products.

Profit after tax for the quarter increased to 368.8 million euros or 6.80 euros per share from 76.6 million euros or 1.38 euros per share last year.

EBITDA, or earnings before interest, taxes, depreciation, and amortization, rose to 548.1 million euros from 202.8 million euros a year ago.

Salzgitter's external sales for the quarter jumped to 3.349 billion euros from 2.094 billion euros a year earlier.

Looking forward to 2022, Salzgitter expects sales to be just under 11 billion euros and a pre-tax profit of between 750 million euros and 900 million euros.

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