April 29, 2019 / 2:11 PM / 9 months ago

Salzgitter sees pretax profit in upper end of guidance range

FILE PHOTO: A worker of German steel manufacturer Salzgitter AG stands in front of a furnace at a plant in Salzgitter, Germany, March 1, 2018. REUTERS/Fabian Bimmer

BERLIN (Reuters) - Germany’s second-largest steelmaker Salzgitter said on Monday it is expecting a 2019 pretax profit in the upper end of its 125 million to 175 million euros guidance (£107 million to £151 million), sending shares higher.

Despite the unstable economic situation, revising the forecast would be premature at present, the company said in a statement. “At the same time, we are currently anticipating a result more in the upper end of the range.”

For the first quarter, Salzgitter reported a pretax profit of 125.9 million euros, up from 95.9 million a year ago.

Shares rose as much as 4.4 percent and were up 2 percent at 1358 GMT.

Reporting by Thomas Seythal; editing by Tassilo Hummel

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