Salzgitter ,Germany's No. 2 steelmaker, posted better-than-expected earnings in 2010, buoyed by robust demand from carmakers and windfall profits from rising steel prices.
Pretax income swung to a profit of 48.9 million euros ($68.41 million) from a loss of 496 million the year before, Salzgitter said on Monday.
Analysts had on average estimated pretax profit at 44 million euros, according to a Reuters poll.
"We anticipate an increase in consolidated sales of between 15 percent and 20 percent and a pretax profit which is more than double in 2011," Salzgitter said.
ThyssenKrupp (TKAG.DE: Quote), the top steelmaker in Europe's biggest economy, has been upbeat for this year, expecting a 10-15 percent sales increase as orders from its home market helped it navigate global price pressures.
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