Earnings before taxes (EBT) reached 313 million euros - up 73 million euros from the prior-year figure of 240 million euros.

ThyssenKrupp Executive Board Chairman and CEO, Dr. Ekkehard Schulz (pictured), said that the quarterly results were better than expected and that most of the company’s businesses will return to profit this fiscal year.

“The majority of the business areas generated a profit in the first quarter,” he said. “This strengthens our confidence that we will reach our earnings goal in the current fiscal year - also thanks to the rigorous implementation of our cost-reduction and restructuring programs. However, as we regard the emerging economic recovery as still fragile, we remain cautious.

“We therefore continue to forecast adjusted earnings before taxes in the low three-digit million euro range.”

He added: “Our aim is to return the Group to its profitable growth course and create more value consistently as soon as the economic situation allows. Our medium-term goal is to achieve sales of 50-60 billion euros, corresponding to earnings before taxes of over four billion euros. We have shown in the past that we can reach these levels of sales and earnings.”

Steel producers are currently resuming output at plants from the U.S. to Russia and China, as the world economy recovers and automobile and construction companies rebuild inventories.

ThyssenKrupp’s order intake and sales were down year-on-year but orders improved noticeably quarter-on-quarter with a rise of around 1.8 billion euros to 9.3 billion euros.

The company is Germany’s largest steelmaker.

Edited by Ellie Duncan

SOURCE: www.manufacturingdigital.com