Thyssenkrupp Sees Return to Profit in Boost to Turnaround Push
- Company is also projecting higher operating earnings
- CEO Miguel López cites transition year for German manufacturer
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Thyssenkrupp AG expects to swing to profit in the current fiscal year, indicating that a turnaround plan that includes restructuring its ailing steel division is making progress.
The German manufacturer sees net income of at least €100 million ($106 million) in the year through next September, up from a €1.4 billion net loss for the period that just ended. It’s also projecting rising operating earnings, even though cash burn will increase due to higher investments and restructuring costs.