Thyssenkrupp AG reported on Wednesday that its second-quarter sales declined 10% in comparison to the corresponding trimester a year before, landing at €9.1 billion.
The drop in revenue was attributed to price and demand-induced declines at Materials Services and Steel Europe. Net loss attributable to shareholders improved by 65% compared to the prior-year quarter's €223 million to land at €78 million, or €0.13 per share. The company's adjusted earnings before interest and tax (EBIT) tumbled 10% to €184 million. The Germany-based company noted progress in the spin-off of Steel Europe, as talks with EP Corporate Group (EPCG) to potentially acquire an additional 30% of the steel business to establish a joint venture with the mother company continue.
"Thyssenkrupp performed as planned in the 2nd quarter – despite a still gloomy market environment. We made significant progress in the strategic realignment of the group, especially in the steel business," Chief Executive Officer Miguel Lopez underlined.
