(Finance) – The German giant thyssenkrupp closed the third quarter of the 2022/2023 fiscal year with acquired orders for 9.4 billion euros (previous year: 9.9 billion euros) e sales by 9.6 billion euros (previous year: 11 billion euros), lower mainly due to the price normalization of Materials Services. In addition, lower spot market prices also resulted in lower sales at Steel Europe. L’Adjusted EBIT amounted to 243 million euros and was therefore lower than the previous year’s value of 721 million euros, as expected. This too is mainly attributable to lower prices and corresponding reduction in margins of Materials Services, as well as lower revenues of Steel Europe. This development was only partially offset by higher earnings from Industrial Components, Automotive Technology and Marine Systems.
The free cash flow before mergers and acquisitions it significantly improved compared to the previous quarter and the quarter of the previous year and amounted to 347 million euros.
thyssenkrupp has specified its forecast for the current fiscal year. The group aims to achieve a Adjusted EBIT in high three-digit range. Previously, it had expected a “mid- to high three-digit” value. The forecast for the other financial indicators has been confirmed.
“Thanks to the measures that have been initiated and implemented, thyssenkrupp has continued its solid business performance in Q3,” commented the CEO Miguel Lopez – Significant progress has also been made in the transformation of the company. In a difficult capital market environment, we successfully floated our hydrogen subsidiary. Steel Europe has received planned funding from the German federal government and the state government of North Rhine-Westphalia, a significant milestone in the green transformation of the steel industry. Both of these successes underscore our role as pioneers and architects of the green transformation.”