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    SZG   DE0006202005

SALZGITTER AG

(SZG)
  Report
Delayed Xetra  -  11:35 2022-09-23 am EDT
22.86 EUR   -4.03%
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Steelmaker Salzgitter's energy costs to rise steeply - CEO says

09/21/2022 | 01:43pm EDT
FILE PHOTO: Steelworkers stand at a furnace at the plant of German steel company Salzgitter AG in Salzgitter

FRANKFURT (Reuters) - Salzgitter, Germany's second-largest steelmaker, expects energy costs to rise significantly in 2022 in the wake of Europe's energy crisis, its chief executive said, adding that some of that could be passed on to customers.

"Costs are likely to be up by a mid triple-digit million euro amount compared to last year," Gunnar Groebler told Handelsblatt.

"And we are basically seeing that customers understand that part of the cost increases in the energy sector must also be reflected somewhere in the product prices," he added.

Groebler told Reuters last month that Salzgitter was is in talks with regulators in a bid to secure exemption from potential gas rationing, saying its production was vital for Germany's broader energy security plans and local city heating.

"We are still achieving positive results in our businesses, although certainly not at the same level as in the first half of the year," Groebler said.

(Reporting by Christoph Steitz. Editing by Jane Merriman)


© Reuters 2022
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Analyst Recommendations on SALZGITTER AG
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Financials
Sales 2022 11 972 M 11 640 M 11 640 M
Net income 2022 988 M 961 M 961 M
Net Debt 2022 370 M 360 M 360 M
P/E ratio 2022 1,28x
Yield 2022 3,96%
Capitalization 1 236 M 1 202 M 1 202 M
EV / Sales 2022 0,13x
EV / Sales 2023 0,12x
Nbr of Employees 23 916
Free-Float 38,5%
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Mean consensus HOLD
Number of Analysts 12
Last Close Price 22,86 €
Average target price 30,89 €
Spread / Average Target 35,1%
EPS Revisions
Managers and Directors
Gunnar Groebler Chief Executive Officer
Burkhard Becker Chief Financial Officer
Heinz-Gerhard Wente Chairman-Supervisory Board
Uwe Kruse Chief Information Officer
Roland Flach Member-Supervisory Board
Sector and Competitors