DUISBURG (dpa-AFX) - Shares of Kloeckner & Co SE (KCO) were gaining around 8 percent in German trading after the steel and metal distributor Thursday said it now expects operating income or EBITDA before material special effects in the third quarter to be significantly stronger than previously expected by the market at 200 million euros to 230 million euros.
Furthermore, the company expects to achieve EBITDA before material special effects of 650 million euros to 700 million euros in the full year 2021, which will then be the best operating full-year income since the IPO in 2006.
This forecast is also above the previous market expectation.
The outlook revision reflects the continued positive dynamics of steel prices in Europe and the US at the beginning of the third quarter combined with extremely strict net working capital management and supported by the substantial effects from the Surtsey project.
For the first half, operating income or EBITDA before material special effects was 401 million euros.
The figures for the second quarter will be announced on August 10
In Germany, Kloeckner shares were trading at 12.76 euros, up 7.59 percent.
Copyright RTT News/dpa-AFX
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