Salzgitter details outlook for 2020, blames pandemic for pre-tax loss

German steelmaker Salzgitter has projected that it will record a significant pre-tax loss for the full year of 2020 due to the effects of the Covid-19 pandemic, it said in its preliminary report for the first half-year, published on Wednesday July 22.

Salzgitter detailed its outlook for 2020 in its preliminary half-year report, but noted that only a rough estimate was possible in the current circumstances.

“We expect that the second and third quarters will mark the bottoming-out of the current crisis,” the company said. “At the same time, the strength and the timescale of a feasible macroeconomic recovery in the second half of the year are subject to great uncertainty… We...

Published

Julia Bolotova

July 23, 2020

13:22 GMT

Dnepr