ThyssenKrupp announce record profits

ThyssenKrupp, the German industrial conglomerate, has announced record profits. Profits before tax increased 27% to 3.33 billion euros (£2.37 billion) in the 12 months to 30 September. Strong global steel demand helped profits at its stainless steel division increase by 84% to 777m euros.

The company, which is one of the world’s largest steel producers, predicts that in the current year its profits will decline slightly, although they will remain above 3 billion euros.

Record profits were achieved in spite of ThyssenKrupp having to pay a 480 million euro fine after its elevator division violated European Union cartel regulations. In February, the EU ruled that ThyssenKrupp, along with Otis of the US, Finland-based Kone and Swiss-based Schindler had rigged bids, fixed prices and allocated projects between 1995 and 2004.

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