Salzgitter anticipates that Q2 2020 and Q3 2020 will likely mark the bottom of the current steel demand crisis in 2020.
The company acknowledged the uncertainty in H2 2020 due to the volatile COVID-19 environment that could result in a negative pre-tax in the low- to mid-triple digit million euro range in H2, but down from more significant loss expectations.
The Group’s subsidiaries decreased utilization rates to 10-70pc in Q2 2020 against the same period last year while its consolidated sales in H1 2020 decreased by 20pc to €3.6bn ($3.1bn) compared to €4.5bn in the previous year. The group hit a pre-tax loss of €127.8mn in H1 2020 compared to a gain of €145.3mn in the same period a year ago.