German steel company Salzgitter on Friday registered a plunge in net profit for the full year, mainly due weak economic conditions and lower steel prices.
For the 12-month period, the group reported a net income of €204.1 million ($221 million) or €3.70 per basic share, lesser than €1.085 billion or €20 per share, reported last year.
Earnings before taxes or EBT plunged to €238.4 million from previous year's €1.245 billion.
Earnings before interest and taxes or EBIT stood at €355.1 million as against €1.311 billion in 2022. EBITDA moved down to €677 million from €1.618 billion a year ago.
Crude steel production dropped to 5.709 million tons from previous year's 6.109 million tons. External sales were €10.790 billion, down from last year's €12.553 billion.
For the full year, the group will pay a dividend of €0.45 per share.
Looking ahead, for full year, Salzgitter expects to report pre-tax income of €250 million to €300 million. Annual EBITDA are projected to be in the range of €700 million to €750.
The group expects sales of €10.5 billion to €11 billion, for the year.
