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Salzgitter reports best nine-month for nine years
November 8, 2017 / 5:20 PM / a month ago

Salzgitter reports best nine-month for nine years

BERLIN, Nov 8 (Reuters) - German steelmaker Salzgitter reported its best nine-month pre-tax profit for nine years on Wednesday, driven by a strong performance for its strip steel and trading business units as well as internal restructuring.

Salzgitter said preliminary figures for the nine months showed pre-tax profit soared to 174.5 million euros ($202.30 million) from 21.1 million euros for the same period last year. Full figures are due to be published on Nov. 14.

It said the strong performance of its strip steel and trading units and restructuring more than offset the usual seasonal impact of the summer quarter as well as scheduled repair and maintenance production halts.

It repeated its forecast for the full year that it again raised last month after deciding not to repay in cash an exchangeable bond and thanks to good trading. ($1 = 0.8626 euros) (Reporting by Emma Thomasson Editing by Greg Mahlich)

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