ThyssenKrupp says net income for the first nine months was EUR243m (US$325m), compared to a loss last year of EUR527m, while third quarter income was EUR39m.

The metal producer said the main drivers of its performance were efficiency gains, profitable growth of the capital goods businesses and the “significant improvement” at Steel Americas.

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The Executive Board has raised its forecast slightly for the current fiscal year: Full-year adjusted EBIT is now expected to double compared to the prior year of EUR586m.

For the first time in three years ThyssenKrupp expects to achieve break-even to slightly positive net income.

“We are making good progress on our path to becoming a new, integrated and more performance-focused ThyssenKrupp,” said CEO, Heinrich Hiesinger.

“For seven quarters we have continuously increased our earnings through our own efforts.

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“We are moving in the right direction, our strategy is working, and our operating measures are clearly taking effect.”