Salzgitter stated that current economic conditions and uncertainties, especially in the post-summer period, necessitated a reassessment of sales and profit expectations. The Board of Directors revised the company's sales target for 2024 to EUR 10 billion, while the previous expectation was EUR 10.5 billion. It also lowered its EBITDA forecast to between EUR 400 and EUR 500 million. The previous forecast was between EUR 550 and EUR 625 million. Pre-tax results are now expected to be in the range of EUR 100 to EUR 175 million, down from the previous range of EUR 100 to EUR 175 million.
These changes were based on the company's performance in the first half of the year and updated forecasts from negotiations. In May, the company lowered its forecast for 2024 due to weak signs of recovery in the steel market.
On the other hand, German industrial giant Thyssenkrupp also announced last July that it lowered its forecasts for the financial year 2023/2024. The company expects a decline in sales as market conditions remain weak. Performance improvement measures failed to fully offset the negative effects of market conditions.
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