Steel Products
ThyssenKrupp Earnings & Steel Americas Impairment Loss
Written by John Packard
August 14, 2013
Written by: Sandy Williams
ThyssenKrupp reported adjusted EBIT €332 million ($439M) for the third quarter ending June 30, 2013 for its continuing operations, up from €241 million ($319M) in the second quarter. Third quarter net loss was €218 million in the third quarter as compared to a net profit of €403 million ($534M) in third quarter 2012.
Adjusted EBIT for the first nine months of 2013 was €802 million ($1,062M), compared with €1,117 million ($1480M) in the same period in 2012. Group net loss for the first nine months ended June 30 was €262 million ($347M). Sales dropped by 9 percent. Net financial debt was decreased by €0.5 billion ($660M) year over year to €5,326 million ($6,936M) at the end of June 2013. Shrinking liquidity and capital have been a concern but ThyssenKrupp said it has enough liquidity to cover debt maturities in the unlikely event of credit cancelation by banks.
The Steel Americas segment impairment loss of €683 million in March 2013 contributed heavily to the net loss of €1,205 million ($1,596M) for the full ThyssenKrupp Group in the first nine months. No further write downs are expected for the segment. ThyssenKrupp said the CSA blast furnace is back in production at 5000 tons/day and continues to ramp up.
In its outlook statement, ThyssenKrupp expects Group sales to be higher in the 4th quarter but full sales for 2013 to be lower in a year-over-year comparison. EBIT for FY 2012/2013 is expected to be around €1 billion ($1.32 billion).
John Packard
Read more from John PackardLatest in Steel Products
CRU tariff webinar replay now available
CRU’s latest webinar replay on how Trump’s tariffs affect the global steel market is now available on our website to all members. After logging in at steelmarketupdate.com, visit the community tab and look under the “previous webinars” section of the dropdown menu. You’ll find not only this special CRU webinar but also all past Community […]
US, offshore CRC prices diverge
US cold-rolled (CR) coil prices declined this week, slipping for the first time since early February. Most offshore markets deviated, moving higher this week.
Construction growth slowed in March on tariff woes: Dodge
The decline comes after reaching a record high in January to kickstart the year.
Return of S232 zapped gap between US and EU HR prices, Asian HR remains cheaper
Domestic hot-rolled (HR) coil prices declined this week for a third straight week. Most offshore markets bucked the trend and gained ground. Uncertainty in the US market around tariffs, especially after “Liberation Day,” caused US prices to slip as buyers moved to the sidelines. It’s unclear to date whether the 90-day pause on the more […]
SMU Steel Demand Index momentum slows further
SMU’s Steel Demand Index growth eased again, according to early April indicators. The slowdown comes after the index reached a four-year high in late February.