Industry News

Thyssenkrupp faces pressure to fix steel unit as losses mount

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.

Previous : China's iron ore futures firmer on strong steel products

Next : ArcelorMittal to Add Electric Arc Furnace at Alabama Sheet Steel Mill

Hindalco signs MoU to invest ₹15000 crore in aluminium capacity expansion in Madhya Pradesh

Feb .25.2025

Hindalco signs MoU to invest ₹15000 crore in aluminium capacity expansion in Madhya Pradesh

EU expands sanctions on Russian aluminium: industry calls for closing loopholes

Feb .25.2025

EU expands sanctions on Russian aluminium: industry calls for closing loopholes

Fundamental weakness makes it difficult to sustain upward momentum in aluminium prices; short-term price correction observed

Feb .25.2025

Fundamental weakness makes it difficult to sustain upward momentum in aluminium prices; short-term price correction observed

Alba announces Ma’aden as a major shareholder

Feb .25.2025

Alba announces Ma’aden as a major shareholder