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Steel News August 12, 2021 05:30:32 PM

Thyssenkrupp Posted Robust Performance in Q3 This Fiscal

Paul Ploumis
ScrapMonster Author
The company recorded significant improvement in free cash flow.

Thyssenkrupp Posted Robust Performance in Q3 This Fiscal

SEATTLE (Scrap Monster): Thyssenkrup continued its robust performance during the third quarter of the current fiscal. The company reported good progress in its transformation to high-performing group of companies as per plan.

The group of companies recorded quarterly order intake of €8.8 billion, which is almost double from €4.8 billion during the prior year quarter. The sales rose significantly by 51% to €8.7 billion. The adjusted EBIT amounted to €266 million. Almost all segments reported positive earnings growth during the quarter. The company recorded significant improvement in free cash flow.

The Steel Europe segment’s order intake surged from €1.6 billion to €2.5 billion, while sales grew from €1.4 billion to €2.4 billion. The business growth remained strong in the automotive and component supply industries. The EBIT saw notable rise to €19 million. The strong performance is despite the temporary production restrictions on account of relining of blast furnace No.1 in Duisburg during the quarter.

Martina Merz, CEO of thyssenkrupp AG stated that the company is on track of transformation with a series of restructurings and performance measures in progress. The environment continues to remain challenging, but the company has ensured delivery on those aspects that are in its control. Merz added.

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