ThyssenKrupp reported a profit for the first quarter of its financial year and maintained its 2015 outlook as Germany’s largest steelmaker saw costs fall.

Net income was €50 million, or nine cents a share, in the three months to the end of December, compared with a net loss of €65 million, or 12 cents, a year earlier, the company said.

Adjusted earnings before interest and tax rose 29 per cent to €317 million, just short of the €319.4 million average of 10 analysts’ estimates compiled by Bloomberg.

While the company posted its first annual net income in four years in November, and announced a resumption of dividend payments, cash flow before divestments remained negative in the quarter through December. ThyssenKrupp reiterated that cash flow should “at least” break even for the year.