German industrial giant Thyssenkrupp said yesterday it was targeting the upper range of its full-year forecasts after a “robust” quarter, even as lower prices hurt its steel division.
Thyssenkrupp, which runs its business year from October to September, said it now expected adjusted pre-tax earnings (EBIT) “in the high three-digit million euro range”. It had previously eyed a mid to high range.
The steel-to-submarines group said it notably expected to reap the benefits from the listing of its hydrogen unit Nucera in July.
Thyssenkrupp said it would receive proceeds of around EUR526 million (USD579 million) from the listing, which will be used to expand its green hydrogen production.
The group also welcomed European Union approval for EUR2 billion in German state aid for its Steel Europe unit.
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