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Kloeckner Lifts Forecast For Q3, FY21 Adj. EBITDA; Stock Up

Shares of Kloeckner & Co SE (KCO) were gaining around 7 percent in German trading after the steel and metal distributor Monday lifted its adjusted EBITDA forecast for the third quarter and fiscal 2021.

The company said it expects fiscal 2021 operating income to be even stronger.

For the third quarter, the company now expects adjusted operating income or EBITDA of 260 million euros to 280 million euros, higher than previously expected 200 million euros to 230 million euros.

The company noted that the positive dynamics of steel prices, particularly in the US, continued during the third quarter.

The outlook revision reflects the development in the steel price and the continued extremely strict net working capital management.

Further ahead, Kloeckner now expects to fiscal 2021 adjusted EBITDA of around 800 million euros, higher than previous forecast of 650 million euros to 700 million euros.

The company expects this to be its best operating full-year income since its IPO in 2006.

The third-quarter results will be announced on November 3.

In Germany, Kloeckner shares were trading at 10.58 euros, up 6.71 percent.

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