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ThyssenKrupp steels itself for price swings

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ThyssenKrupp steels itself for price swings

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ThyssenKrupp, said robust demand from the car and engineering sectors meant it was able to post better than expected results.

Germany’s top steelmaker also raise its outlook.

The latest quarterly pretax profit was 480 million euros. Analysts had expected around 275 million.

However, the company warned of major price swings for raw materials in the near future.

Still, its drastic cost-cutting campaign and thriving non-steel businesses lent it a confident tone.

The company saw the euro zone recovery gather momentum in the April-June period, with its German home market showing fast growth.

“Demand has improved significantly in our key customers and core markets,” Chief Executive Ekkehard Schulz.