ThyssenKrupp posts net profit for Q3, sales forecast rises for FY 2020-21

Friday, 13 August 2021 13:43:28 (GMT+3)   |   Istanbul

Germany-based steelmaker Thyssenkrupp has announced its financial results for the third quarter ended June 30 of the financial year 2020-21. The group has posted a net profit of €125 million for the given period, compared to a net loss of €678 million in the same period of the previous fiscal year, while its sales revenue amounted to €8.7 billion, up by 51 percent year on year. Meanwhile, ThyssenKrupp’s adjusted EBIT rose significantly to €266 million.

In the third quarter, order intake at the company’s steel division increased by €1.6 billion to €2.5 billion and its sales grew by €1 billion to €2.4 billion, year on year. With significantly higher selling prices, business grew strongly, especially in the automotive and component supply industries. Despite the strong increase in raw material costs and temporary production restrictions, adjusted EBIT of the steel division improved substantially to €19 million. This was reinforced by positive effects resulting from higher capacity utilization, initial successes in the ongoing restructuring program and the performance measures initiated in connection with implementing Steel Strategy 20-30.

For the fourth quarter of the current fiscal year, the company continues to expect a sustained economic recovery and a structural improvement in its businesses. For the full financial year 2020-2021, Thyssenkrupp has confirmed the earnings forecast raised recently with the half-year figures and its sales are expected to grow in the low two-digit percentage range, but will remain below the pre-pandemic level.

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