Germany-based steelmaker ThyssenKrupp has announced its financial results for the first quarter ended December 31, 2011 of the financial year 2011-12, posting a loss for the given period.
In the first quarter, ThyssenKrupp posted a loss before tax and interest of €33 million, compared to a profit of €261 million in the corresponding quarter of the previous year. In the same period, its Steel Americas division reported a loss of €288 million, still affected by the new mill startups in Brazil and the US.
In the given quarter, the order intake of ThyssenKrupp increased one percent year on year to €10.1 billion, while sales amounted to €9.9 billion, down one percent year on year.
Regarding the second quarter of the financial year 2011-12, ThyssenKrupp expects losses at Steel Americas to be lower. However, higher volumes and improved productivity will continue to be canceled out by technical startup costs. ThyssenKrupp also stated that it is still unable to provide a reliable forecast about coming quarters due to the economic environment remaining uncertain.