Salzgitter Group Delivers Record Financial Results in 2022
- 28-Mar-2023 12:29 PM
- Journalist: Nicholas Seifield
Salzgitter [Germany]: Last year, Salzgitter AG delivered a remarkable performance, posting a net profit of €1.08 billion compared to the €586.1 million in 2021. The company generated sales revenue of €12.6 billion, representing an impressive 29 percent increase year on year. EBITDA for the period rose to €1.62 billion from €1.26 billion in 2021.
Despite this success, crude Steel production fell by 9.4 percent from 6.11 million mt in 2022 compared to the previous year. This follows a trend of declining Steel output as demand softened due to economic uncertainty and decreased investment spending worldwide.
The company has had a difficult second half of the year due to high inflation, record-high energy prices and declining Steel prices. However, demand in the first quarter of 2023 has been markedly positive. The company projects its sales revenue for 2023 will come in at €13 billion with pre-tax profit estimated to range between €300 million and €400 million.
The company announced that it is hoping to begin hydrogen-based Steel production as soon as the end of 2025, with a goal of fully integrating this production into its operations by 2033.
