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.
Thyssenkrupp 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.
In 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.
The 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