Thyssenkrupp does “not expect any tailwinds” from the markets in its 2024/25 business year, which started on 1 October, as the macro-economic environment will remain difficult, company executives said during the firm’s annual press conference.
Thyssenkrupp AG, which comprises tk Steel Europe, tk Materials Services Maritime Systems, Automotive Technology, and Decarbon Technologies, saw order intake fall to €32.8 billion ($34.7 billion) in its fiscal year through September 2024, from €37.1 billion a year earlier. This was mainly attributable to weaker demand and lower prices at tk Materials Services and tk Steel Europe, Kallanish heard during Tuesday’s conference in Essen.
The group’s net loss narrowed to €1.4 billion from €2 billion loss the prior year. The loss was on account of costs related to extensive transformation measures and asset impairments totalling some €1.2 billion, of which €1 billion were incurred at tk Steel Europe.
“In financial terms, the fiscal year 2024/25 will be a year of transition, and one of decisions,” chief executive Miguel Angel Lopez said at the conference. He expects the firm to return to profit of between €100m and €500m next year.
Among other things, the group is in the process of selling a 50% stake in its tk Steel division to Czech group EPCG, which has already acquired 20%. Finance chief Jens Schulte noted that talks with EPCG are proceeding positively, meaning thyssenkrupp will not need a plan B to fall back on, as things stand (see separate story).
Christian Koehl Germany
