First nine months of 2022

11.11.2022 | Press release of Salzgitter AG

Salzgitter Group delivers a pre-tax profit in excess of € 1 billion in the first nine months of 2022

  • All business units generate positive results
  • SALCOS® - Salzgitter Low CO2 Steelmaking: Financing for Phase 1 secured, implementation to start
  • Outlook for the financial year 2022 confirmed; first indication of a generally subdued 2023

The Salzgitter Group delivered an excellent result with a pre-tax profit of € 1.1 billion in the first nine months of the financial year 2022 against the backdrop of an increasingly deteriorating economic environment. This performance was driven mainly by the Steel Production, Steel Processing and Trading business units that benefited from the prices of most rolled steel products having meanwhile risen to record levels. The Technology Business Unit and the industrial participations also reported gratifying results. In terms of our SALCOS® transformation program, we have also achieved important milestones. Upon the Supervisory Board’s approval of € 723 million of the company’s own funds and a first administrative agreement between the Federal State of Lower Saxony and the Federal Republic of Germany and the approval of the public funding by the EU-Commission in the context of sharing the efforts to promote the project, financing the first stage of SALCOS® has been virtually secured. Construction work on the project has commenced, and the first orders have been placed for the equipment and facilities.

In the first nine months of the financial year, Salzgitter Group’s external sales rose by around 40 % to € 9,765.3 million (9M 2021: € 7,001.7 million), above all on the back of prices. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased to € 1,396.8 million (9M 2021: € 866.8 million), and earnings before taxes (EBT) came in at € 1,145.3 million (9M 2021: € 604.5 2 million). This figure includes a contribution of € 115.7 million from the participating investment in Aurubis AG accounted for using the (IFRS) equity method (9M 2021: € 133.5 million). The after-tax result stood at € 945.8 million (9M 2021: € 467.7 million), which brings basic earnings per share to € 17.40 (9M 2021: € 8.56). Return on capital employed (ROCE) amounted to 22.9 % (9M 2021: 20.0 %). At 45.2 % (9M 2021: 34.5 %), the equity ratio serves to highlight the Salzgitter Group’s sound balance sheet.

As Gunnar Groebler, Salzgitter AG’s Chief Executive Officer, comments:

“The summer of 2022 stood under the slogan of “Green light for green steel”. Following the Supervisory Board's landmark decision to approve more than € 700 million in July, we subsequently placed an order for the first facilities for SALCOS®. With the agreement between the Federal State of Lower Saxony and the Federal Republic of Germany to promote our transformation program, notified at the start of October by the EU Commission, we have now secured the second pillar of financing the first development stage of SALCOS®. This underscores our role once more as a pioneer of Europe’s industrial decarbonization. As from the end of 2025, we plan to produce low carbon steel via the new production route. After completion of the transformation, we anticipate a carbon emissions saving effect of more than 95 percent, which is one percent of Germany’s current carbon emissions.”

Burkhard Becker, Salzgitter AG’s Chief Financial Officer adds, commenting on the current situation:

“We are pleased with the excellent result of the first nine months of the financial year. However, as we expected, the steel market deteriorated in the summer quarter following the exceptional development in the first half year. Given the current macroeconomic environment, with high inflation in many parts of the world and Europe’s energy crisis, this trend is likely to persist for the time being. We consider the Salzgitter Group well prepared for this situation as we have not been neglecting our internal efficiency programs, but have instead anchored and extended them under the new corporate strategy. We nevertheless anticipate that business will develop at a slower pace in the coming quarters given the various political and economic challenges. We continue to adhere to our sales and earnings guidance for the financial year 2022. Against the backdrop of numerous uncertainties, a first look at the new financial year is subdued, but not pessimistic.”


We continue to anticipate the following for the Salzgitter Group in the financial year 2022:

  • sales in the region of € 13 billion,
  • EBITDA of between € 1.4 billion and 1.6 billion,
  • EBT of between € 1.0 billion and € 1.2 billion, and
  • a return on capital employed (ROCE) above the previous year's figure.

This guidance is based on the assumption of the ongoing, unlimited availability of natural gas as a prerequisite for maintaining production. We make explicit reference to virtually unquantifiable risks in connection with the war in Ukraine, the impact of which has already triggered a notable economic downturn and energy prices rising by leaps and bounds.

More information:

Quarterly Statement 9 Months 2022 (pdf)

Key data (xlsx)

The complete report released on the results of the first nine months of 2022 can be viewed at:

Contact for our shareholders and the financial market:

Markus Heidler
Head of Investor Relations
Phone: +49 (0) 5341 21-1852

Contact for journalists / media:

Thorsten Moellmann
Head of Group Communication & Brand
Phone: +49 (0) 5341 21-2300

Disclaimer: Some of the statements made in this report possess the character of forecasts or may be interpreted as such. These are made to the best of the Company’s knowledge and judgment, and by their nature are subject to the proviso that no unforeseeable deterioration occurs in the economy or in the specific market situation pertaining to the business units’ companies, but rather that the underlying bases of plans and outlooks prove to be accurate as expected with regards to their scope and timing. Notwithstanding prevailing statutory provisions and capital market law in particular, the Company accepts no obligation to continuously update any forward-looking statements that are made solely in connection with circumstances prevailing on the day of their publication.