Germany-based steelmaker Thyssenkrupp has announced its financial results for the third quarter ended June 30 of the financial year 2021-22.
The group has posted a net profit of €76 million for the given period, compared to a net profit of €125 million in the same period of the previous fiscal year, while its sales revenue amounted to €11.0 billion, up by 26.4 percent year on year. Meanwhile, ThyssenKrupp’s adjusted EBIT rose significantly to €721 million from €266 million in the third quarter of the previous financial year.
In the third quarter, the company’s steel division was again negatively impacted by supply shortages and the associated weaker demand, especially from the automotive industry. Order intake at the company’s steel division in the given period increased by 25 percent to €3.1 billion amid high prices and its sales grew 47 percent to €3.6 billion, both year on year. Despite the sharp hike in raw material and energy costs, adjusted EBIT of the steel division improved significantly to €376 million, compared to €19 million in the third quarter of the previous financial year. This was reinforced by the positive effects resulting from the ongoing restructuring program and the performance measures initiated in connection with the implementation of the company’s Steel Strategy 20-30.
For the full financial year 2021-2022, Thyssenkrupp expects its sales to significantly increase. For adjusted EBIT, Thyssenkrupp anticipates a significant improvement to at least €2.0 billion, compared to €796 million in the previous financial year.