Thyssenkrupp reports €2.1b loss in steel business ...Middle East

FRANKFURT: German industrial group Thyssenkrupp on Wednesday reported a net loss of around €2 billion (US$2.18 billion) for the 2022-23 financial year due to major write-downs in its steel business, reported dpa news.Thyssenkrupp put the impairment losses on the fixed assets of its subsidiary Steel Europe at €2.1 billion. The write-downs had become necessary due to the economic downturn and higher capital costs, it said.Thyssenkrupp had originally forecast a net profit for the year of “at least” break-even, following a profit of €1.2 billion in the same period last year. Shareholders are nevertheless to receive an unchanged dividend of €0.15 per share thanks to a significantly improved cash

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