Thyssenkrupp faces pressure to fix steel unit as losses mount
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Update time : 2020-08-13 22:14:21
Conglomerate Thyssenkrupp (TKAG.DE) on Thursday said its steel unit faced operating losses of 1 billion euros ($1.2 billion) this year, raising pressure on it to fix or sell the division.
Shares in Thyssenkrupp, which this year sold its elevator unit to a private equity consortium for 17.2 billion euros, fell by 16.2% on the news, with analysts pointing to the weak outlook.
The expected loss at Thyssenkrupp Steel Europe, the continent’s No.2 player after ArcelorMittal (MT.AS), comes as the sector suffers from cheap Chinese imports, high raw material prices and weak automotive demand.
