Thyssenkrupp, the ailing German industrial group, expects to swing to its first annual adjusted profit in three years, thanks to a sharp increase in demand for steel and an economic rebound led by China. At the end of the previous quarter, Thyssenkrupp said it expected to almost break even for the fiscal year, on an adjusted basis, after slumping to a further €1.8 billion adjusted loss in the year than ended in September 2020. Measures“On the one hand we were helped by the recovery in many of our markets,” said chief executive Martina Merz. It last made an annual net profit in the year ending September 2018. The state is run by Armin Laschet, who is also running to succeed Angela Merkel as chancellor later this year.

Source: The Irish Times May 11, 2021 11:02 UTC