Thyssenkrupp Reports €54 Million Q3 Loss

Thyssenkrupp AG reported a significant net loss of €54 million for its fiscal third quarter, a stark contrast to a profit of €83 million in the same period last year, driven by declining sales and rising restructuring costs. The company experienced an 11% drop in new orders and a 6% decline in overall sales, reflecting ongoing challenges in key industries, including automotive and construction, compounded by high energy costs. Thyssenkrupp has lowered its fiscal year profit forecast for the third time, now expecting a net loss in the mid-to-high three-digit million euro range. Additionally, plans to sell its Automation Engineering unit have been paused as the company considers broader restructuring options. Employee pushback is growing amidst plans to cut jobs in the steel division, which is also undergoing a spin-off process. The outlook for Thyssenkrupp remains bleak, mirroring broader economic uncertainties affecting the German market.