A general view of the gate of the Thyssenkrupp industrial estate in Duisburg, Germany on August 29, 2024. (Photo by Ying Tang/Noor Photo via Getty Images).
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Germany’s Thyssenkrupp on Tuesday reported a 1-billion-euro ($1.06 billion) impairment at its struggling steel division as the industrial powerhouse flagged “gloomy volume” expectations and structural challenges in the sector.
The firm said its net loss of 1.5 billion euros in the fiscal year ended Sept. 30 – after deducting minority interests – was mainly due to asset impairments of about 1.2 billion euros, of which 1 billion Euros were made by its Steel Europe division.
“Regarding our key strategic issues, the current financial year will be a year of decisions – especially for Steel Europe and Marine Systems,” CEO Miguel Lopez said in the firm’s statement on Tuesday.
“In parallel, we are looking to further improve the performance of all our businesses and better take advantage of the opportunities presented by the green transformation.”
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