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Strong China demand lifts Thyssenkrupp
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German industrial giant Thyssenkrupp raised its annual forecast yesterday and reported a smaller quarterly loss than last year thanks to strong demand from China.
The Essen-based group, which is in the throes of a painful restructuring, is now expecting an adjusted operating profit in the 鈥渢hree-digit million euro range鈥 in the 2020-2021 period after previously predicting it would 鈥渁lmost breakeven.鈥
Sales are expected to grow 鈥渋n the low two-digit percentage range,鈥 compared with a previous 鈥渟ingle-digit鈥 estimate, but will remain well below pre-pandemic levels, the firm said.
鈥淲e made up more ground in the second quarter,鈥 chief executive Martina Merz said.
The company reported a net loss of 211 million euros (US$256 million) for the quarter compared with 948 million for the same period last year.
The long-struggling conglomerate, with around 100,000 staff, last year sold off its lucrative elevator business to fund a turnaround plan.
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