Germany-based steelmaker ThyssenKrupp has announced its financial results for the 2010-11 financial year ended on September 30, 2011. Accordingly, in the given period, ThyssenKrupp increased its earnings before interest and taxes (EBIT) by 42 percent to €1.76 billion, compared to the previous financial year.
In FY 2010-11, the order intake of ThyssenKrupp increased 22 percent year on year to €50.24 billion, while sales amounted to €49.09 billion, rising by 15 percent year on year.
ThyssenKrupp stated that the biggest contribution came from Steel Europe with earnings of €1.3 billion. However, Steel Americas reported an operating loss of 1.07 billion, due to startup losses in Brazil and the US.
Regarding the first quarter of the financial year 2011-12, the company expects losses at Steel Americas, as well as volume declines and subsequent earnings declines at Steel Europe and Material Services. Earnings before interest and taxes in the first quarter of FY 2011-12 are expected to be significantly lower than in the first quarter of the previous financial year.