ThyssenKrupp Posts 2Q Profit

German steel maker says it returned to profitability in the second quarter due to a rise in demand and cost cutting measures.

BERLIN (AP) -- German steel maker ThyssenKrupp AG says it returned to profitability in the second quarter due to a rise in demand and cost cutting measures.

The Duesseldorf company said Wednesday that earnings before taxes rose by euro497 million ($631.1 million) to euro206 million in the three months through March, its fiscal second quarter. No net profit figures were released.

Sales increased 3 percent to euro10.1 billion while order intake increased 36 percent to euro10.4 billion.

The company expects sales to stabilize over the year and earnings to improve significantly and return to profit.

CEO Ekkehard Schulz said: "We are cautiously optimistic that the current economic recovery will prove sustainable."

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