Salzgitter AG's investor presentation from November 2026, published on salzgitter-ag.com, describes an encouraging first half of 2026 for the Salzgitter Group, the completed acquisition of 100% of HKM from thyssenkrupp Steel and Vallourec, and a 2026 outlook that factors in the consolidation of HKM. According to the presentation, group external sales in H1 2026 reached €4,588.0 million, compared with €4,665 million in H1 2025, while crude steel production rose to 3,034 kt from 2,926 kt. Underlying EBITDA (EBITDA VX, excluding effects from the valuation of the exchangeable bond) increased to €459 million from €117 million.
At segment level, the Steel Production business unit recorded external sales of €1,740 million in H1 2026 (H1 2025: €1,705 million) and a pre-tax result of €50 million, compared with a loss of €56 million a year earlier. The company attributes the improvement mainly to a significant earnings increase in the strip steel segment. The Steel Processing business unit improved its pre-tax result to a loss of €40 million from a loss of €63 million, with the heavy plate segment cited as the main contributor.
The Trading business unit reported external sales of €1,266 million, down from €1,430 million, but lifted its pre-tax result to €38 million from €11 million, which the presentation links to a temporary improvement in prices and margins, cost savings and positive one-time effects from restructuring. The Technology business unit, led by KHS, increased external sales to €876 million (H1 2025: €845 million) and its pre-tax result to €69 million (H1 2025: €55 million). For the full financial year 2026, and based on business development including the third quarter, as well as effects from the changes in the group of consolidated companies following the completion of the HKM acquisition, the company now expects sales of around €10.0 billion, a pre-tax result (VX) between €400 million and €475 million, EBITDA (VX) between €800 million and €875 million, and a return on capital employed (VX) marginally above the previous year.
The presentation warns that opportunities and risks from selling prices, input material prices, capacity utilisation, exchange rates and the valuation of the exchangeable bond issued in October 2025 may considerably affect business performance during the year. With full ownership of HKM, Salzgitter states that it can independently realign the value chain toward low-carbon steel production. The electric arc furnace (EAF) project was contracted in July 2026, with completion scheduled for late 2029 and a target annual output of approximately 2 million tons of steel.
The company says a long-term CO2 reduction of around 90% compared with current production methods is possible. The plan also envisages a workforce reduction from approximately 3,000 to about 1,000 employees to secure economic viability. The presentation expects a positive contribution from HKM in the second half of 2026 due to consolidation, while the purchase price allocation is still under evaluation and is to be completed by the end of 2026.
It also refers to additional capital expenditure at HKM of around €100 million and states that no significant cash impact is expected over the next three years. Regarding the SALCOS transformation of the Salzgitter steelworks, the company says the financing for Stage 1 is secured and the plants are set to start production in 2027. Decisions on the timing of the following steps have been postponed by three years due to economic and political framework conditions, while the complete transformation is still targeted for the mid-2030s.
Current CO2 emissions are cited at 8 million tons per year. Public funding for SALCOS was increased to €1.322 billion in early 2026. On EU trade policy, the presentation states that the new steel safeguard measure has taken effect, with import quotas halved and a 50% tariff applied to imports exceeding the quota.
A melt and pour requirement starts in Q4, with an extension to steel derivatives planned for next year. The company says the significant reduction in imports has lifted prices by €30 per ton (S&P HRC ex-works Italy) since late June. CBAM is cited as raising import prices by €50 to €60 per ton, while proposals to extend CBAM to downstream products and to introduce stricter anti-circumvention rules are under political negotiation.
Anti-dumping measures against cold-rolled sheet imports from five countries were described as expected in September and October, and proceedings to extend existing anti-dumping measures on Turkish hot-rolled coil have been initiated. European steel prices have recently trended upward, partly due to the introduction of CBAM and expectations regarding the successor to the safeguard measure. On the EU Emissions Trading System (ETS), the company notes that results of the review are not expected before the first half of 2027 at the earliest and that the system remains essentially unchanged.
The presentation argues that the current draft would put pioneering companies at a disadvantage compared with the status quo, and that compensatory mechanisms outside the ETS, including leading markets for CO2-reduced products Made in the EU and internationally competitive energy prices including hydrogen, are necessary. The CO2 allowance price was weighed down at the beginning of 2026 by political statements on the ETS review, and a gradual long-term increase is expected. On raw materials and energy, the presentation notes that coal prices were temporarily higher due to weather, while iron ore freight and energy prices were influenced by the Middle East conflict.
Specific price levels are shown only in charts that are not reproduced in the source text. In the defence segment, Salzgitter highlights its SECURE protection steels, the acquisition of Thyrolf and Uhle GmbH, and the aim of reaching a low double-digit market share in the NATO region by 2030 through Ilsenburger Grobblech GmbH. At the end of June 2026, total assets stood at €10,854.9 million, compared with €10,480.9 million at year-end 2025, and the company reported a significantly higher cash position driven by positive operating cash flow and the receipt of additional committed SALCOS funding.
The core workforce stood at 22,100 at 30 June 2026. For reference, the presentation reports FY2025 external sales of around €9.0 billion, crude steel production of 5,880 kt and a pre-tax result at breakeven level. Source: Salzgitter AG, Presentation of the Group, November 2026 (salzgitter-ag.com).
Source: salzgitter-ag.com