Higher steel prices boost Thyssenkrupp amid supply chain strains – Reuters

February 10, 2022 by No Comments

A steel worker for Germany’s industrial conglomerate ThyssenKrupp AG takes a sample of raw iron from a blast furnace at Germany’s largest steel factory in Duisburg, Germany, January 28, 2019. REUTERS/Wolfgang Rattay/File Photo

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  • Q1 adj. EBIT at 378 mln euro vs 78 mln yr-earlier
  • Still expects adj. EBIT of 1.5-1.8 bln eur in 2022
  • Free cash flow before M&A negative 858 mln eur
  • Adj. EBIT at steel division up sixfold
  • Shares down as much as 3% after gaining up to 2.4%

FRANKFURT, Feb 10 (Reuters) – Thyssenkrupp (TKAG.DE) said on Thursday that operating profit rose nearly fivefold in its first quarter, as its two biggest divisions – steel and materials trading – benefited from significantly higher steel prices.

Larger rival ArcelorMittal also pointed to tailwinds from higher selling prices thanks to a recovering global economy and higher demand for steel. read more

Thyssenkrupp’s adjusted earnings before interest and tax (EBIT) came in at 378 million euros ($432 million) in the October-December period, the first three months of the group’s fiscal year, up from 78 million a year earlier.

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