Germany's Salzgitter increases its net profit for 2022

German steelmaker Salzgitter AG reported that its net profit in 2022 was EUR 1.08 billion, compared to EUR 586.1 million in 2021.

Sales revenue was 12.6 billion euros, an increase of 29% y-o-y. EBITDA increased by 28.6% y-o-y to 1.62 billion euros.

However, the company's crude steel production decreased by 9.4% y-o-y to 6.1 million tons. The decrease was caused by weakening demand due to economic uncertainty in the world and lower investment spending. High inflation, record high energy prices and decreasing steel prices affected the company's performance in the second half of last year.

The company expected sales revenue to reach 13 billion euros in 2023 and pre-tax profit to increase from 300 million euros to 400 million euros.