In the 1st quarter of the 2022/2023 fiscal year, German steelmaker thyssenkrupp continued its transformation into a group of largely independent, high-performance technology companies and held its ground overall in a market environment that remained uncertain and challenging. Whereas sales matched the prior-year level at EUR 9 billion due to the positive development of the other segments, order intake of EUR 9.2 billion by the group of companies was down from EUR 10.4 billion in the prior-year period. At EUR 254 million, adjusted EBIT was also below the prior-year level of EUR 378 million largely due to price trends and the resulting decrease in margins at Materials Services. thyssenkrupp CFO Mr Klaus Keysberg said “Despite the continuing uncertain environment, the first-quarter results are robust. Thanks to our restructuring and performance measures, our businesses are now far more able to deal with challenges and adapt to diverse opportunities.”

thyssenkrupp said “Compared with the prior-year period, development of the key financials was characterized by two effects: The anticipated normalization of prices, especially at Materials Services, and the portfolio changes at Multi Tracks resulted in corresponding decreases in order intake, sales and adjusted EBIT.”

In the 1st quarter, the Steel Europe business continued to benefit from high revenues. Due to long-term contracts, the segment was impacted only slightly by declining spot market prices. Order intake rose by 22% to EUR 3 billion. Despite declining shipments, sales increased by 10% to EUR 2.9 billion. Despite strong increases in raw material and energy costs, adjusted EBIT rose by 42% to EUR 177 million, due especially to the noticeable upturn in average revenues. Supporting effects from ongoing restructuring and performance measures in connection with implementing the Steel Strategy 20-30 also contributed to the positive earnings trend.

Based on the figures for the 1st quarter, thyssenkrupp has confirmed its forecast for fiscal year 2022/2023.

Overall, thyssenkrupp posted net income of EUR 98 million in the 1st quarter of 2022/2023 as comparrd to EUR 122 million in prior year quarter. After deducting minority interest, net income in the 1st quarter was EUR 75 million as comparrd to EUR 106 million in prior year quarter.

thyssenkrupp has confirmed forecast for fiscal year 2022/2023 “Subject to the ongoing limited reliability of planning due to macroeconomic and geopolitical uncertainties, the company confirms its forecast for the 2022/2023 fiscal year. thyssenkrupp is assuming that adjusted EBIT will decrease to a value in the mid to high three-digit million euro range prior year. thyssenkrupp expects net income to at least break even.

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