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Tuesday, 12 May 2020 12:00 pm

Thyssenkrupp's loss for second-quarter quintuples as coronavirus impact starts to show

Thyssenkrupp on Tuesday said its second-quarter net loss more than quintupled as the coronavirus pandemic hit all business lines at the struggling steel-to-submarines conglomerate.

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The group posted a 948 million euro ($1.02 billion) net loss in the quarter to March and said that in the current quarter losses could reach up to 1 billion euros, as the group eagerly awaits a cash inflow from the sale of its elevator division.

“The full impact of the crisis on our businesses is not yet foreseeable. But it is already clear that the economic disruptions will leave very deep marks,” Chief Executive Martina Merz said.

Thyssenkrupp said it had secured a 1 billion euro credit line from German state-owned bank KfW [KFW.UL] to tide it over until it gets the money from buyers Advent and Cinven [CINV.UL], which it expects to happen by the end of September.

The company heavily depends on the automotive sector, its biggest client group which itself has been hit by the pandemic and was forced to shut down plants around the globe, causing a raft of profit warnings.

Read here

Tags Thyssenkrupp Coronavirus Lockdown Germany Pandemic Steel Pandemic

Neha Pandey

Aware of her elements, Neha writes the best articles across industries including electronics & semiconductors, automotive & transportation and food & beverages. Being from the finance background she has the ability to understand the dynamics of every industry and analyze the news updates to form insightful articles. Neha is an energetic person interested in music, travel, and entertainment. Since past 5 years, she written extensively on sectors like technology, finance and healthcare.


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