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May 12, 2021

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Strong China demand lifts Thyssenkrupp

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 “three-digit million euro range” in the 2020-2021 period after previously predicting it would “almost breakeven.”

Sales are expected to grow “in the low two-digit percentage range,” compared with a previous “single-digit” estimate, but will remain well below pre-pandemic levels, the firm said.

“We made up more ground in the second quarter,” 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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