After losses in the steel sector: Thyssenkrupp lost billions of dollars

class = “sc-cffd1e67-0 fmXrkB”>

There was a net loss of around two billion euros in 2022/23 (September 30), as the company announced in Essen on Wednesday. Thyssenkrupp set the value adjustments for the fixed assets of its subsidiary Steel Europe at 2.1 billion euros. Depreciation was said to be necessary due to the worsening economic environment and rising capital costs.

Thyssenkrupp had initially promised “at least” a balanced annual profit, following a profit of 1.2 billion euros in the same period last year. Thanks to significantly improved cash inflow, shareholders will continue to receive unchanged dividends of EUR 0.15 per share.

Falling steel prices and simultaneously rising raw material and energy costs affected earnings before interest and tax (EBIT), adjusted for special effects, falling from almost 2.1 billion euros to 703 million euros. Sales fell nine percent to 37.5 billion euros.

Thyssenkrupp wants to return to profitability in the new financial year. The company expects annual profits in the low to mid-three-digit million euro range. Management around CEO Miguel López assumes the economic environment will continue to be challenging. Adjusted EBIT is expected to rise to the high triple-digit million euros, and Thyssenkrupp forecasts sales to grow slightly.

(SDA)

Source :Blick