Steel restructuring lifts ThyssenKrupp profits

German industrial conglomerate ThyssenKrupp confirmed its forecasts for the full year Wednesday, saying a new strategy for its long-struggling steel business was paying off. The group reported net profits of 78 million euros ($96 million) between October and December, the first quarter of its 2017-18 financial year, almost 10 times as much as the 8.0 million euros booked a year earlier.
A fatter bottom line came as revenues fell 3.0 percent, to 9.8 billion euros, while operating, or underlying profit adjusted for special items grew 35 percent, to 444 million euros. "We're continuing to make good progress with the transformation of ThyssenKrupp into a strong industrial group," chief executive Heinrich Hiesinger said. The Essen-based giant's products range from steel to elevators - long its biggest earner - to submarines, car parts and industrial plants. But with global steel prices suffering from a flood of cheap Chinese competition, ThyssenKrupp has decided to move away from the traditional business towards more capital goods and services.