Germany-based steelmaker thyssenkrupp has announced that it has downgraded its outlook for the financial year 2023-24 based on the preliminary results for the third quarter of the current fiscal year and the updated forecast for the full year, due to the still challenging market environment, resulting in a significant decrease in its sales, among other things. The company does not expect the market to stabilize in the short term in the current fiscal year. Also, even though efficiency improvement measures are successfully mitigating the negative developments of the market, they are unable fully compensate for these effects.
Based on the abovementioned information, in the financial year 2023-24, thyssenkrupp expects its sales to drop by 6-8 percent year on year, while its adjusted earnings before interest and taxes (EBIT) are forecast to be above €500 million, compared to the previous expectation of a three-digit billion range.
Meanwhile, the company’s preliminary and unaudited third quarter results show that its sales amounted to about €9 billion, while its adjusted EBIT is about €150 million.