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    SZG   DE0006202005

SALZGITTER AG

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Real-time Estimate Tradegate  -  03:59 2022-08-11 pm EDT
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German steel workers strike deal for 6.5% wage hike

06/15/2022 | 02:07am EDT

BERLIN (Reuters) - German steel workers and employers have struck a deal for a 6.5% wage hike from August, ending lengthy negotiations that come amid soaring inflation and a spike in energy prices.

"This is the highest percentage increase in the steel industry in 30 years," said Knut Giesler, negotiator for powerful labour union IG Metall in northwestern Germany.

Workers will also receive a one-time payment of 500 euros for the months of June and July to help them offset high energy prices.

IG Metall had initially demanded an 8.2% pay rise for the roughly 68,000 workers.

German inflation rose to its highest level in nearly half a century in May on the back of soaring energy and food prices, which are hitting consumers.

But steelmakers such as Thyssenkrupp, Salzgitter and ArcelorMittal, which profited from high prices during the pandemic, are also facing rising energy and raw material costs.

(Reporting by Tom Kaeckenhoff, Elke Ahlswede and Katharina Loesche; Writing by Maria Sheahan; Editing by Paul Carrel)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ARCELORMITTAL -0.12% 24.835 Real-time Quote.-11.65%
SALZGITTER AG 3.02% 25.92 Delayed Quote.-19.92%
THYSSENKRUPP AG -0.07% 5.9 Delayed Quote.-39.03%
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Financials
Sales 2022 12 181 M 12 578 M 12 578 M
Net income 2022 909 M 939 M 939 M
Net Debt 2022 285 M 294 M 294 M
P/E ratio 2022 1,79x
Yield 2022 3,34%
Capitalization 1 402 M 1 448 M 1 448 M
EV / Sales 2022 0,14x
EV / Sales 2023 0,13x
Nbr of Employees 23 956
Free-Float 38,5%
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Mean consensus HOLD
Number of Analysts 12
Last Close Price 25,92 €
Average target price 30,88 €
Spread / Average Target 19,1%
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Managers and Directors
Gunnar Groebler Chief Executive Officer
Burkhard Becker Chief Financial Officer
Heinz-Gerhard Wente Chairman-Supervisory Board
Uwe Kruse Chief Information Officer & Head-Strategy
Roland Flach Member-Supervisory Board
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