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Germany's Thyssenkrupp profits from higher steel prices

Europe
14.02.2018
By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Frankfurt (dpa) - German industrial giant Thyssenkrupp has increased its profits thanks to higher steel prices.

Earnings before interest and taxes (EBIT) for the first business quarter, October to December 2017, increased annually by one third to reach 444 million euros (548 million dollars), the company reported on Wednesday from its headquarters in the city of Essen.

Net profits, which took a hit of 87 million euros as a result of tax reforms in the United States, were 78 million euros, compared to 8 million euros in the same quarter of 2016.

The company‘s steel business, which is planning to merge with the European business of India‘s Tata Steel, profited from rising steel prices as well as from the ongoing restructuring process.

The steel business saw operating profits rise from 28 million euros in October-December 2016 to 160 million euros in the same quarter of 2017.

The lion‘s share of the profit was generated by the company‘s lift business, which increased its profit by 3 percent over the year to 220 million euros.

The plant engineering and construction business saw its profits fall by 42 million euros over the period to 12 million euros. The company said a cost-cutting exercise in this business area should result in an "appreciable" improvement in results.

Sales and new orders both fell slightly, but the company said this is because the previous figures had benefited from the purchase of a steel business from the United States.

 

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