ThyssenKrupp aims for 55-60 bln euro sales - paper
FRANKFURT, Nov 6 (Reuters) - ThyssenKrupp (TKAG.DE), Germany's biggest steelmaker, is aiming for sales to rise to 55-60 billion euros ($82-89 billion) in five years, with growth driven by new plants in Brazil and the United States, its chief executive told Financial Times Deutschland.
The target assumes the global economy returns to pre-financial crisis levels of 2007 and 2008, Ekkehard Schulz told the paper in an interview published on Friday.
He said the target included revenues of 2.5-3.0 billion euros from businesses planned to be sold in the near future.
ThyssenKrupp said late last year it expected sales of 60-65 billion euros in the medium to longer term after the start-up of steel investments in North and South America.
Analysts estimate ThyssenKrupp's sales for the year to Sept. 30 fell 24 percent to 40.7 billion euros. [ID:nL7314102]
Economic data are showing signs of improvement and, with inventories depleted, traders and distributors are coming back to the market to restock, pushing steel prices higher and encouring mills to bring back idled capacity. But output in Germany -- Europe's largest steelmaking nation -- is still set to fall around 30 percent this year before a slight increase next year, the German Steel Federation has said. [ID:nL1557251]
ThyssenKrupp has tried to cushion declining profit by restructuring, including selling non-core businesses such as civil shipbuilding and industrial services.
Financial Times Deutschland said the restructuring would result in job cuts of around 5,500 worldwide next year while sales of non-core operations would see another 18,000 jobs leave the group's payroll. (Reporting by Marilyn Gerlach; Editing by Dan Lalor) ($1 = 0.6734 euro)
