Germany-based steelmaker Thyssenkrupp has announced its financial results for the second quarter ended March 31 of the financial year 2023-24.
The company posted a net loss of €72 million for the second quarter, compared to a net loss of €203 million in the same period of the previous fiscal year, while its sales revenue amounted to €9.1 billion, declining by 10.3 percent year on year. Meanwhile, Thyssenkrupp’s adjusted EBITDA amounted to €361 million, down by 16.0 percent year on year.
In the given quarter, the company’s steel division’s order intake came to €8.6 billion, compared to €10.2 billion in the second quarter of the previous fiscal year, while its sales dropped by 9.9 percent year on year to €9.1 billion, mainly due to price- and demand-induced declines at its Materials Services and Steel Europe division.
Thyssenkrupp stated that the difficult market environment caused by geopolitical and trade conflicts has shaped its forecasts for the financial year 2023-24. Therefore, it expects that raw material and energy prices will be more volatile, resulting in fluctuations in sales and earnings. The company also forecasts that its sales revenues for the full financial year will be below the previous year’s level, due to volume reductions and lower prices at Steel Europe and Materials Services.