Thyssenkrupp wants to bring the steel business, which is struggling with high losses, back into the black in the fiscal year after next. “We are now seeing a slight recovery,” said the head of Thyssenkrupp Steel Europe, Bernhard Osburg, in a previously published interview in the “Westdeutsche Allgemeine Zeitung” (WAZ).
“We want to be in the black again in the 2021/22 financial year,” said Osburg. The steel division has been hit hard by the corona crisis. In the first nine months of the current 2019/20 financial year (as of the end of September), it had made an operating loss of around 700 million euros.
“The situation is not unexpected, but brutal,” said the manager of the newspaper. “During the corona crisis, the auto industry, to which we deliver around half of our steel, slammed on the brakes. Therefore, we had to cut back our production as well as possible.” 15,000 of the 27,000 employees are still on short-time work.
“On average, we produce a little more than eleven million tons a year in our steelworks. Because of Corona, we will probably end up at just over nine million tons this year.” With such a volume, the steel maker could currently not be profitable. (Reuters / apa / red)
Current:
Thyssenkrupp is pumping a lot of money into modernizing its steel division >>
Thyssenkrupp: Steel division under pressure after billions in losses >>
From Austria:
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