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ThyssenKrupp posts net loss in December quarter

Thursday, 13 February 2020 16:38:10 (GMT+3)   |   Istanbul
       

Germany-based steelmaker ThyssenKrupp has announced its financial results for the first quarter ended December 31 of the financial year 2019-20. The group has posted a net loss of €364 million for the given period, compared to a net loss of €68 million in the same period of the previous fiscal year due to increased interest expenses for financial debt, restructuring and one-time expenses, while its sales revenue remained almost stable at €9.7 billion compared to the same period of the previous year. Meanwhile, ThyssenKrupp's adjusted EBIT from continuing operations decreased by 77 percent year on year to €50 million, compared with €217 million in the same period of the previous financial year.

During the given period, ThyssenKrupp's order intake amounted to €9.66 billion, falling four percent, year on year.

According to ThyssenKrupp, stiff conditions in the steel sector had an impact on Steel Europe’s market situation. In the auto industry,  demand declined markedly, resulting in the slowdown in market momentum. Order intake decreased by 10 percent, while sales fell by 13 percent, both on year-on-year basis. Meanwhile, shipments also declined and cost pressure continued due to higher raw material costs, especially iron ore.


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