Germany-based steelmaker Thyssenkrupp has announced its financial results for the first quarter ended December 31 of the financial year 2022-23.
The group has posted a net profit of €98 million for the first quarter, compared to a net profit of €122 million in the same period of the previous fiscal year, while its sales revenue amounted to €9 billion, remaining stable year on year. Meanwhile, ThyssenKrupp’s adjusted EBIT came to €378 million.
The company’s steel division’s order intake rose by 22 percent to €3 billion. Despite declining shipments, sales increased by 10 percent to €2.9 billion. Despite strong increases in raw material and energy costs, adjusted EBIT rose by 42 percent to €177 million. Supporting effects from ongoing restructuring and performance measures in connection with implementing the Steel Strategy 20-30 also contributed to the positive earnings trend.
The company stated that its forecast for the financial year 2022-23 is affected by the uncertainty about the macroeconomic development and lower steel prices. Thyssenkrupp expects lower earnings and shipments for the full financial year and anticipates its adjusted EBIT to decrease from €2.1 billion in the previous financial year.