Salzgitter, a German steel and technology company, reported a 7.5% year-on-year decline in steel production in the first quarter to 1.58 million tons. The company said it expects industry demand to pick up through the end of 2023 as supply chain problems ease, especially in the European automotive sector.
The company said supply cuts and lower prices caused Salzgitter's first-quarter sales to fall 11% year-on-year to 3.3 billion euros.
Despite falling revenues and political and economic uncertainty, EBITDA was achieved in the amount of 290 million euros and profit before tax was 184 million euros.
The German company Salzgitter reported a decrease in steel production in the first quarter
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