Salzgitter AG, a German steelmaker, reported that its net profit was 1.08 billion euros in 2022, compared to 586.1 million euros in 2021. Sales revenue amounted to 12.6 billion euros, up 29% year-on-year. EBITDA increased by 28.6% year on year to 1.62 billion euros.
However, the company's crude steel production fell 9.4% year-on-year to 6.1 million tonnes. The decline was driven by weaker demand due to economic uncertainty and lower global investment spending. High inflation, record high energy prices and falling steel prices weighed on the company's results in the second half of last year.
In 2023, the company expected sales revenue to reach 13 billion euros and profit before tax of between 300 million and 400 million euros.
German company Salzgitter reports higher profits in 2022
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