Salzgitter to Post Higher 2011 Net Income After Consolidation

Salzgitter AG, the German steelmaker, said its 2011 profit after tax will be about 100 million euros ($135 million) higher after it combined its domestic holdings into a single unit for tax purposes.

The company’s forecast of about 200 million euros in fiscal 2011 pretax profit will be unchanged, it said in a statement issued today on PR Newswire. Salzgitter said the overhaul won’t involve changes in the company’s management.

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