German Steelmaker Thyssenkrupp Predicts Better Profit In 2022

German steelmaker and engineering conglomerate Thyssenkrupp has predicted profits of more than a billion euros ($1.1 billion) for the current 2021-2022 financial year after posting strong results for the year that ended in September, Deutsche Presse-Agentur (dpa) reported.

Photo Insert: The corporate headquarters of ThyssenKrupp

The group noted continuing uncertainties from the shortages of semiconductors in particular that are hitting all industrial companies and said operations would continue to be impacted over the year ahead.

Adjusted operating profits before interest and tax for 2020-2021 came in at a little under 800 million euros ($906 million) as the group proceeded with its restructuring program.

This followed a loss of almost 1.8 billion euros the previous year, which was driven by the pandemic. A bottom-line loss of 19 million euros was recorded, following a loss of 5.5 billion euros in 2019-2020.

Thyssenkrupp will not pay out a dividend. Turnover rose 18 percent to 34.0 billion euros, with a further rise predicted in the current book year of less than 10 percent.

"After two years of intensive transformation work, we can now say that the turnaround is evident and Thyssenkrupp is heading in the right direction," chief executive Martina Merz said. She added that the group's performance was "improving significantly" and said it aimed to use the momentum for the next phase of its transformation.

"However, enormous challenges remain, especially due to the semiconductor shortage and the uncertainties arising from the coronavirus pandemic," Merz said.

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