Thyssenkrupp's Q1 operating profit down as clients cut orders, metal prices fall

Thyssenkrupp's (TKAG.DE) operating profit fell by a third in the first quarter, as the German warship-to-car parts conglomerate said on Tuesday its customers placed fewer orders, while its wholesale business was hit by falling cost of metals.

Concerns of an impending recession in the U.S., coupled with the war in Ukraine, have caused prices for steel to fall and customers to empty their inventories.