German steel firm ThyssenKrupp posts first-quarter falls

0 Comments | AFP, February, 2008

FRANKFURT (AFP) — The German steel group ThyssenKrupp posted lower first-quarter results for its 2007-2008 fiscal year owing to reduced global prices and demand.

In the three months from October to December, net profit fell by 34 percent to 435 million euros (635 million dollars) on sales that were stable at 12.27 billion euros, a statement said.

Pre-tax profit lost almost 40 percent to 646 million euros, while the group's operating profit dropped by 28 percent to 1.08 billion euros.

ThyssenKrupp uses pre-tax profit before exceptional items as its benchmark for forecasts, and this "was ahead of plan at 715 million euros."

The group said that exceptionally strong demand and very high base prices for stainless steel in the first quarter of its...