ThyssenKrupp Moves to the Americas With $11 Billion of New Steel Mills, an Industrial Info News Alert
Researched by Industrial Info Resources (Sugar Land, Texas) — Leading industrial manufacturer ThyssenKrupp AG (FRANKFURT:TKA) (Dusseldorf, Germany) presented its quarterly financial report for the 2007-08 fiscal year on August 14. Although total sales increased 5% from the third quarter of the 2006-07 fiscal year, ThyssenKrupp showed a year-on-year drop in before-tax earnings of 25% from last year’s third quarter, from $1.82 billion last year to $1.35 billion this year (based on the exchange rate of 1 euro = $1.49). All segments, with the exception of stainless, showed an increase in sales from the third quarter of last year. In a conference call regarding earnings, the company was quite optimistic about its trans-Atlantic expansion, which, to some measure, should help alleviate trade problems caused by exchange rates. ThyssenKrupp is planning steel mill projects totaling $11 billion.
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SOURCE: Industrial Info Resources