Thyssenkrupp reports $1 billion impairment for its underperforming steel business.
Thyssenkrupp, a German industrial powerhouse, reported a 1-billion-euro ($1.06 billion) impairment on its struggling steel division on Tuesday. The company flagged "gloomy volume" expectations and structural challenges in the sector.
The Steel Europe division of the firm accounted for 1 billion euros of the 1.2 billion euros in asset impairments that led to its net loss of 1.5 billion euros in the fiscal year ending Sept. 30.
The CEO of the firm, Miguel Lopez, stated in the Tuesday statement that the current fiscal year will be a year of decisions, particularly for Steel Europe and Marine Systems, in relation to our main strategic issues.
"We are simultaneously working to enhance the performance of all our businesses and optimize the use of green transformation opportunities."
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