ThyssenKrupp (TKAG.DE), Germany's biggest steelmaker, posted a forecast-beating rise in second-quarter profit on higher prices, as robust demand for cars and machinery offset ramp-up costs in U.S. plants. "Demand in our core markets and key customer sectors is generally encouraging," Chief Executive Heinrich Hiesinger said in a statement on Friday, ahead of a much-anticipated presentation to the market of the group's planned overhaul. "We are profiting from rising volumes and prices in the materials and components business," he added, referring to the group's non-steel activities. ThyssenKrupp wants to expand some of these engineering activities in the revamp announced on May 5. The radical overhaul, which includes a spin-off of its stainless steel business, will be its most wide-ranging since the 1999 merger of two of Germany's oldest industrial giants. Further details will be announced later on Friday.
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