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Kloeckner sees 2014 operating profit up by as much as 40 pct
August 7, 2014 / 5:12 AM / 3 years ago

Kloeckner sees 2014 operating profit up by as much as 40 pct

FRANKFURT, Aug 7 (Reuters) - German steel distributor Kloeckner & Co said it expected cost cuts and expansion in the United States to help it boost its operating profit by as much as 40 percent this year.

Kloeckner is cutting jobs and shutting sites to return to profit following a slump in demand for steel in Europe that hit the sector.

Earnings before interest, tax, depreciation and amortisation (EBITDA) will reach between 190 million and 210 million euros ($254-280 million) this year, up from 150 million in 2013, the company said in a statement on Thursday.

1 US dollar = 0.7477 euro Reporting by Maria Sheahan; Editing by Victoria Bryan

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