ThyssenKrupp’s profit rises on the back of higher prices
According to the statement released by German steel producer ThyssenKrupp AG, the profit of the company in 2003-2004 fiscal year increased by 77% due to the increase in sales and the increase in steel prices.
The company reported its profit as €904 million, which indicates the highest ever profit, the company has reported since the merger in 1999. The previous profit was €512 million. The net income in the fourth quarter ended on September 30, 2004 was €264 million.
The company officials stated that ThyssenKrupp increased its
production to benefit from surging demand.
For 2003-04 fiscal year, the company reported sales of €39.3 billion against €36.1 billion recorded in the previous fiscal year. EBITDA increased to €1.58 billion from €774 million recorded in the 2002-03 fiscal year.