Thyssenkrupp AG (TYEKF.PK) reported that its income in the first quarter will be in line with the company's guidance. The company confirmed its full-year targets. In the current fiscal year, Thyssenkrupp aims to increase sales in the low- to mid-single-digit percentage range. The company expects net income to be clearly positive and projects a significant increase in adjusted EBIT from continuing operations to be in a range of 1.8 to 2.0 billion euros from the current level of 1.7 billion euros. The company also expects to bring free cash flow before M&A back to a positive figure.
Thyssenkrupp stated that a strong partnership with Tata is the right solution for its European steel business. Heinrich Hiesinger, CEO of thyssenkrupp AG, said: "We believe in the future of Steel. That's why we and Tata together are retaining a 50 percent stake in the company for six years. If the joint venture performs positively, we could also initiate an IPO before then."
Thyssenkrupp proposed a dividend of 15 cents, which it consider to be financially justifiable. The Group stated that in the medium-term, it will achieve significantly higher earnings, cash flows and value growth, which will then enable it to pay a higher dividend again.
by RTT Staff Writer
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