Shares of ThyssenKrupp AG jumped on Tuesday after the company shared that its net loss attributable to shareholders for the fourth quarter narrowed to €1.1 billion from €2 billion seen last year.

The group's net loss also contracted for its fiscal 2023/2024, going down from €2 billion to €1.5 billion. ThyssenKrupp projected its sales to grow up to 3% in the coming fiscal year, with increases expected to come from a stabilization in demand in the second half of the year. The company also forecasted its adjusted EBIT to stand between €600 million and €1 billion.

The German steel production giant's stock surged 8.03% to sell at $3.69 apiece at 9:43 am CET.