Thyssenkrupp's third-quarter operating profit nearly tripled on the back of higher steel prices, the German conglomerate said, but it added that it faced headwinds from high raw material prices and rising interest rates
A worker controls a tapping of a blast furnace at Europe's largest steel factory of Germany's industrial conglomerate ThyssenKrupp AG in Duisburg, Germany December 6, 2012. REUTERS/Ina Fassbender/
"In the third quarter, we were again affected by the rise of the price of commodities and other materials," Chief Financial Officer Klaus Keysberg said. "However, we expect a considerable easing of net working capital and a clearly positive cash flow in the fourth quarter." Higher interest rates led to impairment losses of around 480 million euros, Thyssenkrupp said, causing it to lower its 2022 net profit outlook, now expected to be in the high triple-digit million euro range, down from at least 1 billion previously.
The group, which makes everything from submarines and car parts to fertiliser plants and electrolysers, confirmed its outlook for adjusted EBIT, sales and free cash flow before mergers and acquisitions.Reporting by Christoph Steitz, Editing by Rosalba O'Brien and Matthias Williams
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