German conglomerate Thyssenkrupp projects to nearly break even this fiscal year, up from expected low triple-digit million euro loss, according to the company’s press release. The raised outlook for the first time in almost four years was boosted by the recovery of the company’s steel unit.
- Thyssenkrupp’s steel division, which could be sold, spun off, or kept, had an adjusted operating profit of 20 million euros ($24 million) in the first quarter, up from a loss of 127 million a year earlier.
- The company’s Steel Europe, the continent’s second-largest player, is cutting 3,000 jobs and said more are at risk.
- The steel division drew a bid from Britain’s Liberty Steel, but the company’s finance chief Klaus Keysberg says the talks are intense.
- Thyssenkrupp’s supervisory board is expected to meet on March 12 to decide whether to sell the steel unit.
- Thyssenkrupp had an adjusted operating profit of 78 million euros at the group level in the October-to-December quarter.
- Thyssenkrupp CEO is optimistic and points out that measures to improve the company’s performance are bearing fruits.
Thyssenkrupp stock is currently gaining. TKA is up 8.10%.
