FRANKFURT (dpa-AFX) - A further lowering of the annual targets weighed on Salzgitter shares on Tuesday. After an initial low since November 2020 at 15.32 euros, they recently lost 3 percent to 15.74 euros - still enough for last place in the SDax. The steel company's shares thus continued their downward slide that began in mid-July. With a price drop of almost 44 percent since the beginning of the year, they are also at the bottom of the small cap index for this period.

Salzgitter cited the persistently weak economy, delays in long-planned infrastructure projects and persistently high energy costs as reasons for cutting its sales and earnings targets. A trend reversal after the summer is uncertain.

The new forecast for earnings before interest, taxes, depreciation and amortization (EBITDA) is below the expectations of analysts, who had already assumed a figure at the lower end of the previous range. Competitor Thyssenkrupp had also lowered its forecast for its financial year several times - its shares were left cold by the latest Salzgitter news./gl/jha/