Chinese demand boosts Germany’s ailing Thyssenkrupp

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Berlin

German industrial giant Thyssenkrupp raised its annual forecast on Tuesday and reported a smaller quarterly loss than last year thanks to strong demand from China.

The Essen-based group, which is in the throes of a painful restructuring, is now expecting an adjusted operating profit in the “three-digit million euro range” in the 2020-2021 period after previously predicting it would “almost breakeven”.

Sales are expected to grow “in the low two-digit percentage range”, compared with a previous “single-digit” estimate, but will remain well below pre-pandemic levels, the company said.

“We made up more ground in the second quarter,” chief executive Martina Merz said in a statement.

The company reported a net loss of 211 million euros ($256 million) for the quarter compared with 948 million for the same period last year.—AFP