March 16, 2020 / 6:57 AM / 16 days ago

RPT-Salzgitter expects sales to rebound in 2020

FRANKFURT, March 16 (Reuters) - Germany’s second-largest steelmaker Salzgitter on Monday said it expects revenues to rise in 2020, pointing to an improvement in its core market Europe, where cheap imports have weighed on prices and margins.

“Starting from a currently low level, we have nevertheless been seeing stabilizing tendencies since the start of the year on the European steel market that should be reflected in rising results over the course of the year,” the group said.

The group expects sales of 9 billion euros ($10 billion) in 2020, which would be an increase of 5% year-on-year.

$1 = 0.8979 euros Reporting by Christoph Steitz; editing by Thomas Seythal

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