The German steel giant ThyssenKrupp has said that it continued its upward trend in its financial results in the first half, ended March 31, of the financial year 2010-2011. Orders and sales grew year-on-year at high double-digit rates. In the given period, ThyssenKrupp's order intake rose by 22 percent to €24.1 billion and its sales increased by 21 percent to €23.6 billion, both compared to the corresponding period of the previous fiscal year.
The measures to improve its earnings structure are having a clear positive effect, ThyssenKrupp said. Earnings before interest and taxes (EBIT) were up €139 million from the prior-year period to €770 million. This 22 percent increase was achieved despite the fact that first half EBIT was impacted much more strongly by mainly ramp-up related losses of €697 million (prior year: €150 million) in the Steel Americas business area. ThyssenKrupp expects significant improvements at Steel Americas from the next quarter, as the second coke oven battery started operation at the end of April.
All business areas with the exception of Steel Americas made strong positive earnings contributions. The negative EBIT of Steel Americas was more than offset by the €872 million earnings of the other materials business areas.