ThyssenKrupp,Germany’s largest steelmaker, swung to a net loss in the fiscal first quarter as the industry tries to weather a drop in prices wrought by record Chinese exports.
The net loss was €23m in the three months to the end of December, compared with net income of €50m a year earlier, the Essen-based company said on Friday. Adjusted earnings before interest and taxes declined 26% to €234m, missing the €239.6m average of 11 estimates compiled by Bloomberg. The company reiterated a full-year profit target of €1.6bn-€1.9bn.
CEO Heinrich Hiesinger, who took the role in 2011 after the company had been roiled by a bribery scandal and a failed expansion in the Americas, is trying to turn the steelmaker into a more diversified industrial group. He wants adjusted annual earnings before interest and tax to increase to at least €2bn to help cut debt, pay dividends and regain an investment-grade credit rating. The group, which traces its roots to 1811, got almost half its annual profit from its elevator unit.
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