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ThyssenKrupp Q1 adj EBIT down 38 pct on steel slump
February 12, 2013 / 6:31 AM / 5 years ago

ThyssenKrupp Q1 adj EBIT down 38 pct on steel slump

FRANKFURT, Feb 12 (Reuters) - Germany’s ThyssenKrupp posted a 38 percent decline in adjusted operating profit for its fiscal first quarter on a slump in European steel prices and depressed demand for car parts.

Adjusted earnings before interest and tax (EBIT) came to 229 million euros ($306 million), Germany’s top steelmaker said in a statement on Tuesday, just above consensus of 220 million in a Reuters poll.

ThyssenKrupp said it was on track to reach its full-year target of posting flat sales of about 40 billion euros and adjusted EBIT of about 1 billion euros. ($1 = 0.7474 euros) (Reporting by Maria Sheahan)

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