Thyssenkrupp steel unit aims to triple core profit in turnaround push

By Reuters News

FRANKFURT, Sept 28 (Reuters) - Thyssenkrupp's steel division, Europe's second-largest steelmaker, aims to at least triple its core profit over the mid-term, it said on Monday, boosted by capacity and job cuts as well as high trade barriers against cheap Asian steel.

Adjusted earnings before interest, tax, depreciation and amortisation are expected to rise to at least €1.2 billion ($1.4 billion) over the mid-term, the division said during a capital markets day, not giving a firm target date.

For the current fiscal year, which ends on September 30, Thyssenkrupp Steel Europe expects adjusted EBITDA of around €400 million.

($1 = 0.8800 euros)

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