Thyssenkrupp profits treble on steel price jump

STORY: A revival in prices has helped Europe’s number-two steelmaker.

Thyssenkrupp saw profits almost treble in the third quarter.

Adjusted earnings jumped to about $743 million.

More than half of that came from the company’s steel business.

It’s benefited from higher prices, which more than offset rising costs for energy and raw materials.

The conglomerate also makes everything from warships to car parts and fertiliser plants.

It now expects to have a positive cash flow in the coming quarter.

But higher interest rates led it to post impairment losses of almost half a billion dollars.

That caused it to lower its net profit outlook for 2022.

Thyssenkrupp shares rose as much as 1.5% on Thursday (August 11) morning.