German group ThyssenKrupp, which specializes in steel production, capital goods and services, has released its financial results for the first half of financial year 2007-2008.
In the first half of the financial year in question, the company's earnings before taxes reached €1.388 million, down from the figure of €1.634 million for the corresponding period last year. The decline in the group's profits has been caused by the construction of a new mill and also by the dramatic decline in stainless prices.
The order intakes of ThyssenKrupp for the period in question were the same as the previous year at €27.4 billion. In addition, ThyssenKrupp's sales during this period were stable year on year.
During the second quarter of financial year 2007-2008 ThyssenKrupp registered €14.1 billion in order intakes, up from last year's figure of €14.0 billion. Also during the second quarter the group's sales totaled €13.2 billion, 13.2 percent higher year on year.
Moreover, for the future ThyssenKrupp is targeting mid-term sales of €60 billion. Furthermore, in the long term the group expects to achieve sales of around €65 billion, as well as €4.5-5.0 billion in earnings before taxes and major nonrecurring items.