thyssenkrupp

Commodity stocks rose on hopes of stronger financial support from China, sending shares such as thyssenkrupp up almost 5 percent in XETRA trading. Citigroup raised its price target for thyssenkrupp sharply to €20 and reaffirmed its buy recommendation. The stock had reached around €14 in the previous week, its highest level since 2018; €20 were last seen in 2017. » More on finanzen.net

Low Rhine levels force Thyssenkrupp to lay up its own towboats and hire vessels suitable for shallow drafts; blast-furnace production was reduced as a precaution. A task force is monitoring water levels and assessing additional truck transport, which is unlikely to be sufficient because of high daily tonnages. The low water highlights structural risks for logistics and energy supply and could force medium-term adjustments in infrastructure and production planning. » More on wiwo.de

Thyssenkrupp increased adjusted EBIT in the third quarter by 18% to €183 million and posted a net profit of €34 million after tax versus a loss of €255 million a year earlier. Revenue rose 8% to around €8.8 billion, supported by efficiency measures, TK Accelis and higher contributions from TKMS, while the automotive business was weaker. A positive accounting effect of €131 million from the sale of HKM improved the result, though the sale is likely to weigh on results in the fourth quarter. Thyssenkrupp raised the lower end of its full-year outlook for adjusted EBIT (€600–900 million) and confirmed plans to spin off and list TK Accelis while retaining a majority stake; the holding in the steel business is to be reduced. » More on finanzen.net