Despite the losses in the first quarter, ThyssenKrupp confirmed its growth targets for the 2013/2014 financial year, mainly thanks to good operating performances. In the first quarter of the year, the German industrial group reported a loss of 64 million euros, mainly due to extraordinary financial charges linked to the sale of the stainless steel business to the Finnish Outokumpo.
The company's turnover fell by 13% to 9,1 billion euros. EBIT, on the other hand, more than doubled from 169 million euros in the first fiscal quarter last year to 398 million, a figure higher than analysts' estimates. The operating margin rose from 1,6% to 4,4%. After these results, ThyssenKrupp confirmed that it expects an annual increase in sales of around 5% and an adjusted EBIT growth from 599 million to 1 billion euros.
After the release of the balance sheet data, the stock of the German steel company runs on the stock exchange, mid-morning-
