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Investing.com -- Salzgitter on Monday lowered its full-year guidance for the second time this year, warning that business conditions have remained weak despite recent signs of firmer prices.
The company now expects 2025 revenue slightly above 9 billion euros ($10.5 billion), narrowing its previous target range of 9.0 billion to 9.5 billion euros. It also trimmed the upper end of its core profit forecast by 50 million euros, setting a new range of 300 to 350 million.
Salzgitter now projects a pre-tax loss of between 50 million and 100 million euros, compared with a prior outlook of a loss of up to 100 million or breakeven.
The company said recent signs of moderate price increases are not expected to be reflected in its results until next year.
"EU steel market demand & pricing backdrop remains weak, and while Salzgitter noted signs of prices trending up (off a low base), the benefit will likely only be seen in 2026," Jefferies analyst Cole Hathorn said in a note.
"While shares beat in 3Q, and medium-term outlook for EU steel has improved given greater protectionist measures in 2026, the market has been looking through 2025 weakness. However, post-outperformance YTD +76%, we expect shares [to be] lower on weaker 2025 guidance today," he added.
Salzgitter’s finance chief Birgit Potrafki welcomed new EU trade measures aimed at strengthening the region’s steelmakers. The European Commission last month proposed halving tariff-free steel import quotas and imposing a 50% duty on additional shipments to protect domestic producers.
Salzgitter and other European steelmakers had previously warned that U.S. tariffs could trigger a wave of redirected imports into Europe.
“Should the expected economic recovery materialise next year, we anticipate an overall improvement in earnings,” Potrafki said.
For the first nine months of 2025, the company posted results that topped expectations. It reported a pre-tax loss of 72.7 million euros, narrower than the consensus estimate for a 90 million euro loss, while EBITDA reached 224 million euros, above forecasts of 219 million.
Third-quarter EBITDA came in at 107 million euros, around 4% higher than the Visible Alpha consensus.