Germany-based steelmaker Thyssenkrupp has announced its financial results for the second quarter ended March 31 of the financial year 2022-23.
The group has posted a net loss of €203 million for the second quarter, compared to a net profit of €587 million in the same period of the previous fiscal year due to the sharp rise in interest rates, while its sales revenue amounted to €10.1 billion, decreasing by 4.7 percent year on year. Meanwhile, ThyssenKrupp’s adjusted EBIT was €205 million.
The company’s steel division’s order intake rose by nine percent to €3.7 billion in the given period. Despite the slight increase in shipments, sales decreased by two percent to €3.3 billion.
The company stated that its forecast for the financial year 2022-23 is affected by the uncertainty regarding macroeconomic developments. Thyssenkrupp expects lower earnings and shipments for the full financial year and anticipates its adjusted EBIT will decrease from €2.1 billion in the previous financial year.
In addition, the company has signed a partnership agreement with the International Renewable Energy Agency to advance the green transformation in pursuit of Paris Agreement goals. Under the agreement, both organizations will work together on the large-scale production and transport of green hydrogen.