On August 29, 2024, panoramic view of the gate of ThyssenKrupp Industrial Zone in Duisburg, Germany.
Noor Photos | Noor Photos | Getty Images
German thyssenkrupp On Tuesday it reported a 1 billion euro ($1.06 billion) impairment hit on its troubled steel unit, as the industrial giant cited “bleak production” expectations and structural challenges in the industry.
The company said its net loss after minority interests in the year ended September 30 was 1.5 billion euros, mainly due to asset impairments totaling approximately 1.2 billion euros, of which 1 billion euros was accounted for by its European Steel Department responsible.
“This fiscal year will be a year of decisions regarding our main strategic issues, especially for European Steel and Marine Systems,” Chief Executive Miguel Lopez said in the company’s statement on Tuesday expressed in.
“At the same time, we are looking to further improve performance across all businesses and better exploit the opportunities presented by the green transition.”
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