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Thyssenkrupp second-quarter operating profit up on steel recovery

Reuters  |  FRANKFURT 

(Reuters) - German technology and on Tuesday posted a 17-percent increase in its second-quarter operating profit, helped by a recovery in prices that has already benefited larger rival

The group, which makes everything from submarines to chemical plants, said second-quarter adjusted earnings before interest and tax (EBIT) came in at 500 million euros ($597 million), in line with the average forecast in a poll.

Profit at the group's division, to be merged with the European unit of Indian peer Tata Steel, more than doubled to 198 million euros, driven by a sharp recovery in prices so far this year.

ArcelorMittal, the world's largest steelmaker, last week said the outlook for this year had improved, expecting higher demand for steel in and construction amid solid expansion in the and

The steel joint venture with forms the core of Heinrich Hiesinger's plan to move the company away from the and strengthen its focus on industrial goods, such as elevators and

The group's struggling Industrial Solutions unit posted an operating loss of 23 million euros in the quarter. said a turnaround plan initiated last year should lead to a significant increase in earnings in the second half.

($1 = 0.8370 euros)

(Reporting by Christoph Steitz; Editing by Edward Taylor and Maria Sheahan)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, May 15 2018. 10:49 IST