Salzgitter posts slightly positive pre-tax result in Q3 2025
Salzgitter, achieved a slightly positive pre-tax result in the third quarter of 2025, supported by its performance improvement program P28, steady results from the KHS Group, and income from its participation in Aurubis AG.
In the first nine months of 2025, the Group generated revenue of EUR 6.9 billion (9M 2024: EUR 7.7 billion), EBITDA of EUR 224 million (9M 2024: EUR 320.6 million), and a pre-tax loss of EUR 72.7 million (9M 2024: EUR –141.2 million). The result includes a EUR 83.5 million contribution from the equity-accounted investment in Aurubis AG and –EUR 68.2 million in valuation losses on derivatives. Net income after tax amounted to EUR –46.5 million (9M 2024: EUR –197.7 million), corresponding to EUR –0.93 earnings per share, while return on capital employed (ROCE) stood at –0.4%. The equity ratio remained solid at 41.8%.
According to CFO Birgit Potrafki, the Group’s P28 performance program contributed an additional EUR 89 million to earnings in the first nine months, nearly achieving the annual target of EUR 97 million. “Market conditions have not improved significantly since the beginning of the year. With our own measures, we have largely offset these challenges. The positive quarterly result underlines this progress,” Potrafki said. She added that the EUR 500 million convertible bond issued in October 2025 strengthened the company’s financing structure and reflected investor confidence.
Looking ahead, Potrafki noted that newly proposed EU trade policy instruments could enhance the competitiveness of the European steel industry, while an expected economic recovery in 2026 may further improve results.
Despite a recent moderate price recovery, margins are expected to remain under pressure throughout 2025, with the positive effects of higher prices likely to materialize only next year. The Group therefore adjusted its full-year forecast as follows:
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Revenue slightly above EUR 9.0 billion (previously: EUR 9.0–9.5 billion)
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EBITDA between EUR 300 million and EUR 350 million (previously: EUR 300–400 million)
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Pre-tax result between EUR –100 million and EUR –50 million (previously: EUR –100–0 million)
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Return on capital employed slightly above the previous year’s level
Salzgitter emphasized that fluctuations in raw material costs, precious metal prices, exchange rates, and the valuation of the October 2025 convertible bond could significantly influence the final 2025 results.
ArcelorMittal delivers stronger EU profit, lower production
ArcelorMittal’s global steel output remained largely steady, whilst production in Europe saw a slight decline. Yet Europe showed improved financial results, including a skyrocketing Ebitda, the steelmaker says in its second-quarter results monitored by Kallanish.
The striking figure emerging from the report is the steelmaker’s European Ebitda, which surged 69.7% to $627 million in Q2, up from $370m in the first quarter and from $462m in Q2 2024. The improvement reflects a stronger price-cost spread, slightly offset by reduced shipment volumes.
ArcelorMittal’s global crude steel output edged upward year-on-year to 29.2 million tonnes in the first half of 2025, from 29.1mt in H1 2024. Quarterly production remained broadly stable, easing slightly from 14.8mt in Q1 to 14.4mt in Q2 2025. On-year, Q2 output declined moderately from 14.7mt. In Europe, production in the recent quarter fell compared with the previous quarter, primarily due to the planned reline of the Dunkirk’s blast furnace no. 4, which was restarted in mid-July. In the first six months of the year, crude output in Europe stood at 15.5mt, slightly down from 15.6mt in the same period last year. In the second quarter output reached 7.5mt, down from the 7.9mt achieved in the first quarter and from 8,041t of Q2 2024.
“Sales in 2Q 2025 increased by 6.0% to $7.7 billion as compared to $7.2 billion in 1Q 2025, primarily due to a 11.0% increase in average steel selling prices offset in part by a 3.0% decline in steel shipment volumes which was impacted by apparent demand. 2Q 2025 steel shipments were 1.4% lower year-on-year, reflecting a 6% decline in long product shipments whilst flat product shipments were stable,” the reports states.
European sales in the first half reached $14.87 billion, reflecting a y-o-y decrease from $15.66 billion in H1 2024. Ebitda soared in H1 to $997m from $805m in the same period last year. Steel shipment in the six-month period increased slightly on-year to 14.833t from 14.643t the previous year.
According to the report, in Europe demand is holding up relatively well, with apparent flat product consumption forecast to grow 0.5-1.5% in 2025, thanks to limited tariff impacts and easing interest rates. Despite short-term headwinds such as seasonally weaker demand and subdued manufacturing activity, European inventories remain relatively low. In the medium term, Europe may see notable improvement supported by trade policy, the Carbon Border Adjustment Mechanism (CBAM), and increased public investment in infrastructure and defence.
The group’s first-half sales stood at $30.72 billion, compared with $32.53 billion in H1 2024. H1 Ebitda stood at $ 3.44 billion, declining from $ 3.82 billion in H1 last year (see separate article).
Natalia Capra France
