Salzgitter, a German steel and technology company, reported a 7.5% year-on-year drop in first-quarter production of 1.58 million tons of steel. The company said it expected industry demand to increase for the rest of 2023 as supply chain issues ease, particularly in the European automotive sector.

The company said declining shipments and lower prices caused Salzgitter's first-quarter sales to fall by 11% year on year to EUR 3.3 billion.

Despite falling revenues and political and economic uncertainty, EBITDA of EUR 290 million and pre-tax profit of EUR 184 million were achieved.