Salzgitter : H1 2020 results unexpectedly beat forecast primarily thanks to Aurubis
>H1 2020 EBT set to be less negative than expected - Yesterday, Salzgitter announced, ahead of its earnings publication on 12 August that Earnings Before Tax (EBT) for H1 2020 would be negative to the tune of € 127.8m. However, these losses were more limited than the consensus forecast (-€ 151m) and our estimate (-€ 175.7m). These results included a contribution of € 34m (equity accounted) from the copper producer Aurubis AG (H1 2019: € 56.4m). Management also indicat...Salzgitter is a holding company. Through its subsidiaries, Co. organized its businesses into five divisions. The Steel Division manufactures steel and special steels. The Tubes Division is involved with the manufacture of line pipes, HFI-welded pipes, precision tubes and stainless steel tubes. The Trading Division operates a European sales network as well as trading companies and agencies worldwide. The companies in the Services Division provide services such as data processing, telecommunications services, scrap dealing, the handling and storage of bulk cargo, transportation, and other services. The Technology Division operates in the filling and packaging technology segment.
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