ThyssenKrupp Feels Chill Of Low Steel Prices
Mohammad Ali (@ChaudhryMAli88) Published August 11, 2016 | 12:30 PM
BERLIN, (APP - UrduPoint / Pakistan Point News - 11th Augst,2016) - Germany's largest steelmaker ThyssenKrupp said on Thursday that low prices for steel and other raw materials had weakened results in its third quarter, but confirmed its forecast for the year. Revenues at the group, which also makes lifts, submarines and car parts, fell to 9.9 billion Euros -- 12 percent lower than in April-June 2015. Operating profits as measured by EBIT fell 25 percent to 372 million euros, while net profits were down 34 percent at 130 million euros. "Difficult conditions on raw materials markets and continuing high steel imports" had made for a tough year, the group said in a statement.
Beyond steel, ThyssenKrupp is suffering through a period of low orders. Its industrial solutions division has suffered from worldwide low oil prices, with orders for its turnkey installations down 14 percent in the first nine months of this financial year. But "we are starting to see the first improvements in raw materials prices," chief executive Heinrich Hiesinger said in a statement. "We will continue to concentrate on the things we can influence ourselves.
That's already proving effective," he went on, pointing to the company's restructuring and efficiency drives which it expects to boost operating profit by 850 million euros this year.
Recent Stories
Football: Scottish Premiership table
'Can I kill someone?': Richard Gere's dilemma in 'Oh, Canada'
UN agency says 800,000 'forced to flee' Rafah since start of Israeli operation
CM lays foundation stone of ‘Nawaz Sharif IT city’ in Lahore
PBF recommends to simplify tax system, make businesses easier
Election for PML-N president to be held on May 28
Three Syrians missing after cargo ship sinks off Romania
Georgia president vetoes controversial 'foreign influence' law
600-kg dead meat seized, 2 arrested
Trump to rouse firearm owners at gun lobby gathering
Body of addict man found from roadside
Oil tanker hit by missile off Yemen
More Stories From World
-
Trump to rouse firearm owners at gun lobby gathering
5 hours ago -
Bengaluru win six in row to make IPL play-offs, Chennai out
6 hours ago -
Sri Lanka Tamils mark 15 years since end of civil war
7 hours ago -
S.Africa's Zuma stages rally despite candidacy doubts
7 hours ago -
'Can I kill someone?': Richard Gere's dilemma in 'Oh, Canada'
8 hours ago -
UN agency says 800,000 'forced to flee' Rafah since start of Israeli operation
8 hours ago
-
Three Syrians missing after cargo ship sinks off Romania
8 hours ago -
Georgia president vetoes controversial 'foreign influence' law
8 hours ago -
Trump to rouse firearm owners at gun lobby gathering
8 hours ago -
Oil tanker hit by missile off Yemen
8 hours ago -
New Caledonia 'under siege' as French troops bid to restore order
8 hours ago -
Flash floods kill 50 in western Afghanistan
9 hours ago