Well that was a bit unexpected: “ThyssenKrupp AG, Germany’s largest steelmaker, reported fiscal first-quarter earnings that beat analyst estimates as revenue from non-steel businesses increased and losses from the Americas narrowed. The shares rose,” reports Reuters.
“Adjusted earnings from continuing operations before interest and taxes more than doubled to 247 million euros ($338 million) in the three months through December, the Essen-based company said today in a statement. That beat the 218.7 million-euro average of 10 estimates compiled by Bloomberg.”
“ThyssenKrupp is expanding elevator, industrial and components divisions after waning steel demand cut prices. After losing almost 14 billion euros in market value since 2008, it announced plans last year to sell shares and a U.S. plant in its Steel Americas unit, a deal that now has all approvals and will close soon, Chief Financial Officer Guido Kerkhoff said today.”
In metal price news for steel…
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India was range bound. Chinese HRC stayed flat. The price of Chinese coking coal was unchanged.
Also on the LME, the cash price of steel billet showed little movement yesterday, hovering around $355.00 per metric ton. The 3-month price of steel billet saw essentially no change on the LME for the fifth day in a row, remaining around $360.00 per metric ton.
The US HRC futures contract 3-month price held steady around $632.00 per short ton. The spot price of the US HRC futures contract held steady yesterday, remaining around $660.00 per short ton.