German steel titan Thyssenkrupp has hit a rough patch, revising its 2023/24 forecast from hopeful profits to a sobering break-even projection. The company reported a net loss of €314 million in Q1—a stark reversal from last year’s €75 million profit—blaming higher capital costs and market turbulence. 💸
Sales plummeted nearly 9% to €8.2 billion, driven by falling steel prices, sluggish demand for raw materials, and fierce competition from non-European rivals. Thyssenkrupp called out ‘sky-high energy costs’ and global economic pressures as key hurdles, warning that Europe’s steelmakers face a ‘challenging environment’ ahead. 🌍🏭
Once a powerhouse in manufacturing, the company’s pivot reflects broader struggles in heavy industries. Analysts say the slump highlights the need for innovation as climate goals and global trade wars reshape the sector. 📊
