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Thyssenkrupp Cuts Revenue Forecast as Marine Unit Drives Order Growth

A shareholder-approved IPO for the marine arm is set for later this year to bolster cash reserves.

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Der Industriekonzern Thyssenkrupp hat seine Umsatzerwartung für das laufende Geschäftsjahr deutlich nach unten geschraubt.

Overview

  • Third-quarter revenue fell 9% to €8.2 billion while order intake rose over 20% to €10.1 billion thanks to TKMS.
  • The group recorded a third-quarter net loss of €255 million, widening from a €54 million deficit a year earlier.
  • Thyssenkrupp cut its full-year revenue forecast to a decline of 5–7% and trimmed planned investments to €1.4–1.6 billion.
  • Steel Europe’s adjusted EBIT plunged to €31 million with around €100 million in impairments weighing on results.
  • Management is moving ahead with a spin-off of TKMS following shareholder approval while unions warn of potential job cuts.