Steelmaker Salzgitter expects sharp profit drop in 2019

FILE PHOTO: Steel rolls are pictured at the plant of German steel company Salzgitter AG in Salzgitter, Lower Saxony on March 3, 2016. REUTERS/Fabian Bimmer/File Photo - Copyright Fabian Bimmer(Reuters)

By Reuters

Published on 05/02/2019 - 15:04•Updated 19/04/2024 - 08:51

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FRANKFURT (Reuters) - German steelmaker Salzgitter on Tuesday warned its pre-tax profit could fall by nearly two thirds, citing "gloomier sentiment and numerous economic and political uncertainties".

The group said it expects pre-tax profit of 125 million to 175 million euros (109.65 -153.50 million pounds) this year, down from 347 million in 2018, according to preliminary results.