ThyssenKrupp AG , Germany’s largest steelmaker, rose the most in two weeks in Frankfurt trading after its third-quarter loss before tax and one-time items beat analyst estimates.
The loss, excluding inventory writedowns and reorganization costs, was 452 million euros ($645 million) in the three months ended June 30, the Dusseldorf-based company said today in a statement. That beat the 479 million euros predicted by Bank of America Corp. and 539 million euros estimated by Commerzbank AG. The shares rose as much as 4.5 percent , Bloomberg reports.
"The overall economic environment deteriorated further in the reporting period," ThyssenKrupp said.
"The global recession is affecting our company in all areas. The worldwide slump in demand — coupled with in part hefty price falls — was particularly dramatic in our carbon and stainless steel and international materials services activities."
For the nine months ending June 30, the company reported a loss of €829 million compared with a profit of nearly €1.6 billion in the first nine months of 2008 , Newsday reports.
Meanwhile, analysts polled by Reuters said they expected a full-year pretax loss for ThyssenKrupp of 756 million euros. The figure reached 402 million in the first nine months.
At 0959 GMT, ThyssenKrupp shares were up 3.5 percent at 23.48 euros while Germany's blue-chip DAX index .GDAX was up 0.1 percent , Reuters reports.
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