Thyssenkrupp Posts Solid 1Q; Steel Joint Venture Still Expected to Close in 2Q
Thyssenkrupp posted good first-quarter order intake with an expected continuation of margin weakness from previous quarters. Continuing operations orders were up 7% organically, with the largest division, elevators, coming through with 10% order growth boosted by a few larger orders. Raw material cost inflation continued to depress elevator margins, similar to elevator peers Kone and Schindler, as the long order backlog contains historical pricing. Thyssenkrupp recently passed through price incr...ThyssenKrupp is the parent company of the ThyssenKrupp Group. Co. has six business areas: Components Technology, which provides components for the automotive and machinery sectors; Elevator Technology, which supplies passenger and freight elevators, escalators and moving walks, passenger boarding bridges, stair and platform lifts; Industrial Solutions, which comprises the System Engineering and Marine Systems units; Materials Services, which focuses on materials distribution and technical services; Steel Europe, which develops, produces and markets flat carbon steel in the European market; and Steel Americas, which produces, processes and markets steel products in North and South America.
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