Salzgitter : The management is (overly?) cautious on Q4 2021. FCF generation remains disappointing
>Impact of the logistics disruptions in Q4 2021 and beyond - Profit before tax (PBT) came to € 299m in Q3 2021 (vs € 188m in Q2 2021 and -€ 97m in Q3 2020). The CFO Burkhard Becker believes that volumes and new orders, in particular for strip steel (39% of 2021e PBT), are likely to be affected until the end of 2021 and beyond by disruption to global supply and logistics chains relating notably to the semiconductor shortages. The heavy plate (3% of PBT) business slowed...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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