Thyssenkrupp reports narrower loss, plans Steel Europe joint venture to boost profits.

German industrial giant Thyssenkrupp reported a narrower net loss of €1.5 billion for the fiscal year ending September 30, down from a previous year’s loss of €2 billion. This improvement, however, was largely due to a €1.2 billion impairment charge, mostly from its Steel Europe division. Despite a drop in sales by 7% to €35 billion and an 18% fall in Steel Europe's operating profits, the company's shares rose 8% following the report. Thyssenkrupp is restructuring Steel Europe and is in talks with Czech billionaire Daniel Kretinsky to form a 50:50 joint venture. The company predicts a return to profit in the next fiscal year, with earnings projected between €100 million and €500 million.

November 19, 2024
28 Articles