Reuters reported that ThyssenKrupp is aiming for sales to rise to EUR 55 to EUR 60 billion in 5 years, with growth driven by new plants in Brazil and the United States.

Mr Ekkehard Schulz CEO of ThyssenKrupp said that the target assumes the global economy returns to pre financial crisis levels of 2007 and 2008. He added that the target included revenues of EUR 2.5 to EUR 3 billion from businesses planned to be sold in the near future.

ThyssenKrupp said late last year that it expected sales of EUR 60 to EUR 65 billion in the medium to longer term after the start up of steel investments in North and South America.

German Steel Federation has said that 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 encoring mills to bring back idled capacity. But output in Germany is still set to fall around 30% this year before a slight increase next year.

ThyssenKrupp has tried to cushion declining profit by restructuring, including selling non-core businesses such as civil shipbuilding and industrial services.

(Sourced from www.reuters.com)