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Investing.com -- German steelmaker Salzgitter (ETR:SZGG) posted weaker-than-expected first-quarter results on Monday, as sluggish economic conditions across Europe—particularly in Germany—dragged on performance in its steel production and processing divisions.
"The economic environment was anything but supportive," said the company’s Chief Financial Officer, Birgit Potrafki.
Quarterly earnings before interest, taxes, depreciation, and amortization (EBITDA) dropped to €78.6 million, down from €126 million a year ago and below the €90 million consensus forecast from a company-compiled analyst survey.
Revenue also missed expectations, coming in at €2.33 billion versus the €2.46 billion analysts had anticipated and down from €2.7 billion in the same period last year.
The company pointed to €23 million in charges from the valuation of derivative positions and a €10 million impairment tied to planned portfolio adjustments, both of which impacted profitability.
Despite the weak start to the year, Salzgitter reaffirmed its full-year outlook.