Salzgitter AG

Salzgitter, based in Lower Saxony, is one of Europe's largest steelmakers, producing and processing steel and running a trading arm, and it is investing heavily in low-carbon, hydrogen-based steel production for the future. Its earnings swing sharply with steel prices and the industrial economy. The dividend follows that cyclicality, paid generously in strong years and cut back when steel markets weaken, which leaves a low and variable score. This is a cyclical steel play, with added interest from its green-steel ambitions and periodic takeover speculation, rather than a dependable income stock.