Wednesday , December 2 2020

Thyssenkrupp expects less profit due to the antitrust process | ONLINE TIME



Essen (dpa) – Industrial group ThyssenKrupp Because of the risks of the antitrust process in the 2017/2018 financial year, almost no profit is expected. It is estimated that there is only a surplus of 0.1 billion euros, the group said Thursday night in Essen.

In the previous year, the company had revoked 0.271 billion euros. The forecast for adjusted earnings before interest and tax (EBIT) was reduced from € 1.8 billion to € 1.6 billion. Thyssenkrupp's share price declined after working hours.

The reason for the worsening hopes is new developments in the initial investigation into the possibility of a cartel agreement on steel prices, he said. He has chosen the provision because he cannot exclude "significant adverse effects on the net assets, financial position and results of operations of the Group". There are also risks in the Component Technology business unit and problems in Steel Europe and Elevator Technology.

Thyssenkrupp seeks to increase the profitability of its business unit and cut costs – especially at Group headquarters, weakening factories and shipyards and in the elevator business.

CEO of Thyssenkrupp Donatus Kaufmann stressed in his employee letter, "current developments will not have an impact on partnerships intended with European Tata Steel". The parties, in their words, bear the risks that existed in the past.

Regarding the investigation of the guardians of the competition, the employee's letter read: "This is about old cases." All people involved are no longer working in their area of ​​responsibility or no longer in the company: "The allegations relate to past practices similar to ours today. Understanding compliance has nothing to do.»


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