Thyssenkrupp raised its annual forecast for the first time in three years

The German steel and industrial conglomerate expects that in the current fiscal year (which ends in September 2021) it will be one step away from balancing costs and revenues. In the previous forecast, the concern assumed a loss of several hundred million euros.

– Working in the still unstable market conditions, we had a good quarter. “We are already seeing signs of economic recovery and the steps we have taken to improve efficiency are beginning to bear fruit,” said Thyssenkrupp CEO Martina Merz.

Thysenkrupp’s share price rose 7.1 percent. to the highest level in 12 months.

The metals division of the group is also moving closer to equating costs to revenues, which may help in its eventual sale. Negotiations are underway with the British company Liberty Steel, which estimates that the negative net worth of the acquired business exceeds one billion euros. This means Thyssenkrupp will have to add several billion euros to the deal.

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