Steel blues

13 May 2005 By Marianne Brun-Rovet

Growth at the German conglomerate s steel division disappointed and margins at its elevator and auto divisions have fallen sharply. While other European steelmakers are still surging ahead, the cycle may be reaching its peak.

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ThyssenKrupp reported secondquarter results that fell short of expectations after sales at its steel division grew more slowly than expected and margins at its automotive and elevator units fell sharply.

The German conglomerate's pretax profits rose 27% to E445m as sales rose 12% to E10.5bn. Steel profits surged 36% yearonyear. But profits at Thyssen's automotive and elevators business fell 65% and 13% respectively. The increase in order intake was also lower than expected, at 8.9%, and steel pretax profits fell compared to the first quarter.

Thyssen said it expected fullyear sales of more than E41bn and that it was on track to surpass its 2004 operating profits of E1.45bn.

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