Thyssenkrupp reported a massive loss of 1.5 billion euros for the 2023-24 financial year, continuing a trend of significant losses amid high manufacturing costs and fierce competition.
Chief executive Miguel Lopez acknowledged the extremely challenging market conditions but highlighted that the company is making key progress in its restructuring efforts.
The stainless steel division, Steel Europe, experienced an 18 percent decline in operating profits, contributing to Thyssenkrupp's overall financial struggles.
Despite challenges, Thyssenkrupp forecasts a potential return to profit in the next fiscal year, estimating an operational profit between 100 million to 500 million euros.
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