FRANKFURT Aug 7 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
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)