Salzgitter : Weak Q3 as expected and no sign yet of recovery
>Weak Q3 dragged down by Steel businesses - Salzgitter just reported its final Q3 results that came slightly below the prelims released on 22 October. EBITDA stood at € 87m vs € 89m pre-released, albeit in line with the company-compiled consensus of € 91m. EBT came at -€ 153m vs -€ 151m pre-released with the major delta with the consensus (-€ 19m) mostly due to € 129m of impairments on the Precision Tube unit (part of the Steel Processing division). EBITDA dropped 19%...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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