FRANKFURT, Aug 10 Reuters Thyssenkrupp on Thursday said it was now targeting the upper end of its operating profit outlook range in 2023, citing a robust third quarter that showed betterthanexpected results at its materials and steel units.

The engineering and steel production conglomerate now expects adjusted earnings before interest and tax EBIT in the high tripledigit million euro range, having previously forecast it to be in the mid to high tripledigit million range.

Thanks to the measures that have been initiated and implemented, Thyssenkrupp continued its robust business performance in the third quarter, Miguel Lopez, who took over as CEO in June, said.

EBIT at the company39;s materials and steel divisions fell to 78 million and 164 million euros, respectively, but that was still higher than the Refinitiv forecast for 49 million and 151 million euros.

The company, which said thirdquarter adjusted EBIT fell by two thirds, has been making strides in its turnaround in recent months, successfully listing its hydrogen unit Nucera and getting Brussel39;s ok for 2 billion euros in steel subsidies.

Thyssenkrupp confirmed that it was still targeting a spinoff solution for both its steel division as well as its defence unit Thyssenkrupp Marine Systems.

Its closely watched free cash flow before MA, a key indicator for Thyssenkrupp39;s ability to generate cash, turned positive in the quarter to 347 million euros, up from a negative 412 million last year.

Reporting by…