German steelmaker Salzgitter AG (SZG.XE) said Thursday it swung to a first-quarter profit from a loss in the year-earlier period, helped by a favorable economic environment and the recovery in the business activities of almost all subsidiaries.

MAIN FACTS:

-Salzgitter expects to reach a pretax profit of up to EUR150 million in 2011.

-Eternal sales in the first quarter climbed 4.7% on the year to EUR2.31 billion.

-Pretax profit was EUR56.3 million compared with a loss of EUR17.1 million in the first-quarter of 2010.

-Profit includes a contribution of EUR29 million made by the stake in Aurubis AG (NDA.XE)

-After-tax profit stood at EUR44 million compared with a loss of EUR13.3 million a year earlier.

 
-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500
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