Thyssenkrupp Raises Outlook Slightly on Steel, Warship Gains

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Or sign-in if you have an account.(Bloomberg) — Thyssenkrupp AG raised the low end of its full-year profit guidance as it reported strength at its steel and naval divisions despite a challenging global industrial environment. 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The company also raised the floor of its 2026 net-loss outlook.The narrowly improved outlook underscores the contrasting fortunes across Thyssenkrupp’s sprawling portfolio as Chief Executive Officer Miguel Ángel López Borrego seeks to streamline the business. Thyssenkrupp continues to contend with subdued demand from Europe’s carmakers still producing below pre-pandemic levels as well as elevated energy expenses following Russia’s invasion of Ukraine. Once a conglomerate that spanned steel, elevators and engineering services, the company is trying to streamline its portfolio and sharpen its focus.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againCentral to that effort is the planned separation of its steel division, which has struggled for years with high costs, weak demand and low steel prices. The unit plans to hold a capital markets day at the end of September as it prepares for a potential spinoff, with the parent company possibly retaining a minority stake, Thyssenkrupp said.Thyssenkrupp’s adjusted EBIT rose to €183 million during the company’s fiscal third quarter. Steel made the largest contribution to earnings, helped by restructuring, cost cuts and lower raw-material costs.Earnings also improved at its materials trading business, supported by higher prices and volumes. Its naval unit posted higher adjusted EBIT as its shipyards work through higher-margin submarine orders, Thyssenkrupp said.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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