Thyssenkrupp's Q3 operating profit nearly triples on steel price rebound

8/11/2022 2:00:00 PM

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

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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

Thyssenkrupp's third-quarter operating profit nearly tripled on the back of higher steel prices, the German conglomerate said on Thursday, but it added that it faced headwinds from high raw material prices and rising interest rates.

RegisterA 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."

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com Register 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. Users can still access their deposits of euro, bitcoin, ether and Nuri Pot investments through the app. "However, we expect a considerable easing of net working capital and a clearly positive cash flow in the fourth quarter. We had recently received a messsge that this dog was found in a small village in Germany with a Gilroy, CA dog license." 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 insolvency is the latest move made by the German firm amid the recent market downturn. 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. Giga Berlin is currently home to about 5,000 employees.

($1=0. Nuri has raised €42..9705 euros) Register now for FREE unlimited access to Reuters.com Register Reporting by Christoph Steitz, Editing by Rosalba O'Brien and Matthias Williams Our Standards: .2 million) in funding over eight funding rounds to date, according to Crunchbase .