Financial Times
Thyssenkrupp has written down the value of its steel business by €2.1bn, pushing Germany’s largest steelmaker into the red as it warns of low demand and prices amid the gloomy economic climate. The Essen-based company, which includes a submarine division and a bearings business, on Wednesday posted a net loss of €2bn for 2023, blaming high prices for gas and other raw materials for the hit to its energy-intensive steel business. Spot prices for steel had fallen this year, Thyssenkrupp said, lowering sales by its steel division 6 per cent to €12.4bn despite shipments remaining flat compared with the previous year.
