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German integrated steelmaker producing flat and long steel products, also active in steel trading and industrial technology.
German integrated steelmaker producing flat and long steel products, also active in steel trading and industrial technology.
Steel prices follow the market, so margins hinge on the gap between steel prices and the cost of iron ore and coking coal. Its SALCOS programme to replace blast furnaces with hydrogen-ready direct reduction and electric furnaces is a large multi-year build, partly funded by German state aid, and Lower Saxony is a large shareholder.
In one line: A German US Steel/Cleveland-Cliffs for integrated steel production.
Moat: narrow (scale, installed base). Established integrated steelmaking scale in Germany, but steel is a cyclical, commodity-priced industry facing green-steel transition costs.
Headquarters: Salzgitter, Germany · Founded: 1858 · Employees: 24,047
Size Salzgitter (SZG.DE) is a Germany Materials company (Steel) with a market value of $3.29B, the 90th largest of 205 Germany companies the cockpit tracks. Shares closed at €48.88 on 6 Nov 2026.
Performance Over six months the shares fell 14.1%, against -23.5% for the median peer and +2.6% for the Germany market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue fell 5.6% over the last twelve months (peer median +1.1%); the operating margin is -0.7% (peer median 3.7%).
Valuation It trades at 10.5× forward earnings against a peer median of 14.1× (5th cheapest of 18).
Capital Return on invested capital runs 9.9 points below its cost of capital (9.2% WACC).
Credit Salzgitter has 1 bond outstanding ($557M).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €8.90B | €8.98B | €10.0B | €10.8B | €12.6B |
| Revenue growth | — | -10% | -7% | -14% | — |
| Gross profit | €990M | €457M | €448M | €778M | €1.60B |
| EBITDA | €252M | €45.0M | €171M | €564M | €986M |
| Net income | €57.1M | -€74.2M | -€352M | €200M | €1.08B |
| Free cash flow | -€566M | -€654M | -€660M | €46.4M | €61.6M |
| Capital expenditure | €966M | €1.07B | €969M | €762M | €444M |
| Total debt | €2.33B | €2.22B | €1.76B | €1.30B | €1.70B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Salzgitter SZG.DE | $3.29B | -14% | -6% | -1% | 10.5× | n/a |
| thyssenkrupp TKA.DE | $8.33B | +10% | -2% | 1% | n/a | n/a |
| ArcelorMittal MT.AS | $45.7B | 0% | -3% | 4% | 23.7× | n/a |
| SSAB SSAB-A.ST | $9.31B | +10% | +3% | 8% | 12.2× | n/a |
| Vallourec VK.PA | $5.51B | -31% | -7% | 14% | 15.5× | -7.6% |
| Tenaris TEN.MI | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SZG.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.0% | -8.1% | highest of 21 |
| 6-month return | -14.1% | -23.5% | 6th highest of 20 |
| Distance from 52-week high | -27.7% | -40.8% | 5th highest of 21 |
| Revenue growth (TTM) | -5.6% | +1.1% | 6th lowest of 21 |
| Operating margin | -0.7% | 3.7% | 4th lowest of 21 |
| Forward P/E | 10.5× | 14.1× | 5th cheapest of 18 |
| ROIC minus cost of capital | -9.9 pp | -1.9 pp | lowest of 21 |
| Net debt / EBITDA | 4.5× | -0.2× | most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Salzgitter SZG.DE | Germany | $3.29B | -14% | -6% | -1% | 10.5× | n/a | n/a |
| TA Chen Stainless Pipe 2027.TW | Taiwan | $3.46B | +21% | +24% | 18% | 8.0× | -10.1% | +11.4% |
| Hunan Valin Steel 000932.SZ | China | $3.49B | -27% | -7% | 1% | 20.0× | 6.4% | +0.9% |
| Beijing Shougang 000959.SZ | China | $3.50B | -34% | -2% | 1% | 27.4× | -9.7% | +5.2% |
| HBIS 000709.SZ | China | $2.96B | -16% | -6% | 5% | 12.2× | n/a | n/a |
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% | +8.4% |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 65.0× | 7.4% | +6.1% |
| Fujian Makeng Mining 601123.SS | China | $2.76B | n/a | -3% | 41% | n/a | 29.1% | -1.0% |
| Zhejiang Jiuli Hi-Tech Metals 002318.SZ | China | $2.75B | -37% | -38% | 4% | 25.9× | 15.4% | +19.5% |
| Hangzhou Iron & Steel 600126.SS | China | $2.73B | -38% | -58% | -1% | n/a | 19.3% | +9.8% |
| Hyundai Steel 004020.KS | South Korea | $2.73B | -34% | +2% | 1% | 74.3× | -1.2% | +4.8% |
| Nanjing Iron & Steel 600282.SS | China | $3.99B | -20% | +12% | 5% | 9.5× | -4.2% | +1.8% |
| Acerinox ACX.MC | Spain | $4.00B | +2% | 0% | 4% | 15.8× | 18.6% | +4.4% |
| Aperam APAM.AS | Netherlands | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% | +10.9% |
| Sims SGM.AX | Australia | $2.62B | -11% | +7% | 4% | 10.5× | 14.6% | +6.2% |
| Grupo Simec SAB de CV Sponsored ADR SIM | United States | $4.22B | +4% | +17% | 16% | 14.1× | -9.2% | -1.1% |
| Angang Steel 000898.SZ | China | $2.50B | -15% | -6% | -7% | n/a | n/a | n/a |
| Hainan Mining 601969.SS | China | $2.44B | -33% | +29% | 17% | 13.9× | 0.8% | +9.9% |
| Tube Investments of India TIINDIA.NS | India | $4.47B | -28% | +18% | 7% | 42.7× | n/a | n/a |
| Zhejiang Hailiang 002203.SZ | China | $4.53B | -23% | +10% | 2% | 17.6× | n/a | n/a |
Salzgitter has 1 bond outstanding with $557M face value.