Germany's ThyssenKrupp gives no forecast due to uncertainty

German steel giant ThyssenKrupp posted slightly better-than-expected annual results on Friday but said it could not give a forecast for the current year due to the economic crisis.

ThyssenKrupp boss Ekkehard Schulz said in a statement that uncertainty over economic prospects and global demand, in particular for steel, "does not allow us to provide a detailed forecast."

He said that for the year to September 2009, the company expected "a marked decrease in sales, the size of which is not yet foreseeable."

Companies normally give an overall earnings forecast when they report annual results, with the figures updated over the course of the year.

The group, which makes steel but also elevators and submarines and provides industrial services, joined a growing list of companies that have declined to forecast results as the economy sinks into recession.

Like rival ArcelorMittal, the world's biggest steel producer, ThyssenKrupp also said recently that it will cut output after the automotive industry, a key client, reduced its demand for steel products.

In the year to September 2008, the company reported a pre-tax profit of 3.13 billion euros (4.03 billion dollars), down 6.0 percent but just ahead of analyst forecasts for around 3.09 billion euros.

ThyssenKrupp sales climbed 3.3 percent to 53.4 billion euros.

The group said it expected the economy to rebound in 2010 and that it would meet its medium- and long-term targets, which are pre-tax profit of 4.0-5.0 billion euros and sales of 60-65 billion euros.

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