ThyssenKrupp Cuts Outlook After Another Writedown on Steel Unit [BNN Bloomberg (Canada)]
THYSSENKRUPP AG S/ADR (TKAMY)
NASDAQ:AMEX Investor Relations:
thyssenkrupp.com/en/investors
Company Research
Source: BNN Bloomberg
The company expects to break even this fiscal year, with sales stagnating, after order intake fell 13% in its first quarter, according to a statement Wednesday. It had previously guided for a profit in the “low to mid three-digit million-euro range” and for sales to increase slightly. For the fiscal quarter, which ended in December, Thyssenkrupp reported a net loss attributable to shareholders of €314 million ($336 million), driven by an impairment of about €200 million that was related to a higher cost of capital, mainly at the steel business. Shareholders have ratcheted up pressure on Thyssenkrupp's management team to speed up the restructuring of the conglomerate, which has a portfolio sprawling from metal trading to submarine construction. Attempts to offload its loss-making steel business have dragged on, despite repeated write-downs on its value. The company is also weighing a sale of its naval unit, Thyssenkrupp Marine Systems, which makes surface vessels, submarines and r
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News
- Union announces talks with Carlyle on majority stake in Thyssenkrupp Marine Systems [Yahoo! Finance]Yahoo! Finance
- Union announces talks with Carlyle on majority stake in Thyssenkrupp Marine Systems [Reuters]Reuters
- Union announces talks with Carlyle on Thyssenkrupp Marine Systems investment [Yahoo! Finance]Yahoo! Finance
- Thyssenkrupp rebuffs union claims regarding steel stake sale [Reuters]Reuters
- Thyssenkrupp to sell 20% stake in steel unit to Czech billionaire Daniel Kretinsky [Globe and Mail, The (Toronto, Canada)]Globe and Mail, The