high energy costs and value adjustments in the steel division, Thyssenkrupp
made a loss in the second quarter. How the difficult steel business will continue is still unclear.
slipped into the red in the second quarter of fiscal 2022/23. The reason for
this was, on the one hand, value adjustments in the steel division. The
industrial group had to write off almost 350 million euros on the steel
business. The management explained that the value adjustments were made because
of increased interest rates and the associated higher cost of capital.
boss Martina Merz has announced her retirement.
addition, higher costs for raw materials and energy as well as lower steel
prices led to significant losses in the operating result. Earnings before
interest and taxes (EBIT), adjusted for special effects, have shrunk from EUR
802 million a year ago to EUR 205 million.
bottom line was therefore a loss of 223 million euros in the months of January
to March. In the previous year, Thyssenkrupp had made a net profit of 565
million euros. The group’s turnover fell from 10.6 billion to 10.1 billion
euros and was also above market expectations. In contrast, incoming orders fell
significantly from EUR 13.6 billion to EUR 10.2 billion.
In March, German companies significantly reduced