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By Nick Tattersall
FRANKFURT, May 15 (Reuters) - German industrial group ThyssenKrupp said on Thursday its pre-tax profit more than doubled in its fiscal second quarter and said it expected profit in the second half to be at least as strong as the first.
The world's fourth-largest flat carbon steel producer said earnings before tax for the three months to March 31 rose to 250 million euros ($288 million), above the 209 million euro average forecast in a Reuters poll of 20 analysts.
Thyssen's core steelmaking business has been benefiting from a pick-up in steel prices which fell to near historic lows early last year. The group has managed to hike its steel prices four times over the past year.
The group said it was aiming at least to match first-half pre-tax profit of 391 million euros in its fiscal second half to the end of September, assuming no further deterioration in the health of the economy.
It had previously been tight-lipped about the outlook for the year, citing economic uncertainty.
Thyssen said its net debt, a perpetual worry for investors, amounted to 4.9 billion euros at the end of March, up 189 million from September due partly to its dividend payment, but down 2.4 billion from a year ago.
Credit ratings agency Standard & Poor's cut its debt to "junk" status in February citing a pension fund shortfall, and Thyssen has vowed to hasten disposals to bolster its finances. ($1=.8695 Euro)