UPDATE 1-Thyssenkrupp flags profit recovery, listing of hydrogen unit

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(CEO adds comment, details on hydrogen unit)

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ESSEN, Germany, November 18 (Businesshala) – Thyssenkrupp’s operating profit could more than double in its current fiscal year, the German engineering conglomerate said on Thursday, likely to benefit from an economic recovery and turnaround in which its hydrogen division is expected to grow. A list will be included.

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The steel-to-car parts group said adjusted earnings before interest and tax are expected to be 1.5 billion to 1.8 billion euros (1.7-$2.0 billion) in the 2021/22 fiscal year, up from 796 million euros a year ago.

“After two years of intense transformation work, we can now say that the change is evident. Thyssenkrupp is heading in the right direction,” said chief executive Martina Merz.

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“However, enormous challenges remain, especially due to semiconductor shortages and uncertainties arising from the coronavirus pandemic.”

The company, which has emerged from years of losses that forced it to halt a collapse with its lift division, said it now prefers to list its hydrogen unit Uhde Chlorine Engineers (UCE) in an initial public offering. .

$1 = 0.8838 Euro Reporting by Christoph Steitz; Editing by Riham Alkausa and Shailesh Kuber

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