German steelmaker Salzgitter AG reported a 7.5% drop in steel production in the first quarter of 2025, down to 1.55 million tons, due to weak demand for flat products and scheduled blast furnace repairs. Revenue fell by 13% year-on-year to €2.33 billion, and the company posted a net loss of €34.6 million, compared to a €15 million profit in the first quarter of 2024. 

The steelmaking and processing segments were hit hard, with EBITDA down and pre-tax losses totaling nearly €50 million. 

In response, Salzgitter is intensifying its cost-cutting under the P28 program, targeting €500 million in savings by 2028. Despite the tough start, the company anticipates improved stability in the second half of this year and forecasts annual revenues of €9.5-10 billion with EBITDA between €350-550 million.