SCHMOLZ + BICKENBACH lowers guidance for fiscal year 2019 Mittwoch, 23. Oktober 2019 - 07:30

Lucerne, October 23, 2019 – SCHMOLZ + BICKENBACH, a global leader in special long steel, has today lowered its earnings forecast for the 2019 financial year on the basis of business developments since the beginning of September. Adjusted EBITDA is now expected to be below the range of EUR 70 million to EUR 100 million issued in September.

After the usual seasonal slowdown in the summer months, demand in September recovered from its lowest point in August, but at a much lower rate than expected. A noticeable recovery in order intake and order backlog also failed to materialize in the first weeks of the fourth quarter. Accordingly, the Company expects adjusted EBITDA to be below EUR 70 million. Due to the further increase in political and economic uncertainties and the seasonal decline in demand towards the end of the year, which is customary, the Company is refraining from issuing a more accurate forecast.

SCHMOLZ + BICKENBACH continues to decisively counteract to the adverse market development and to minimize the impacts on the company. In addition to intensifying its operating improvement and cash preservation measures, the company plans, as also announced today, to carry out a capital increase in 2019 to strengthen its balance sheet.

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SCHMOLZ + BICKENBACH will hold a conference call at 09:00 a.m. (CEST) (see attachment).

For further information:

Dr Ulrich Steiner

Vice President Corporate Communications, Investor Relations & CSR

Telephone +41 (0)41 581 4120

u.steiner@schmolz-bickenbach.com

www.schmolz-bickenbach.com

About SCHMOLZ + BICKENBACH

The SCHMOLZ + BICKENBACH Group is today one of the world's leading providers of individual solutions in the special long steel products sector. The Group is one of the leading manufacturers of tool steel and non-corrosive long steel on the global market and one of the two largest companies in Europe for alloyed and high-alloyed quality and engineering steels. With more than 10,000 employees and its own production and distribution companies in 30 countries on 5 continents, the company guarantees global support and supply for its customers and offers them a complete portfolio of production and sales & services around the world. Customers benefit from the company's technological expertise, consistently high product quality around the world as well as detailed knowledge of local markets.