thyssenkrupp Q2 Results
thyssenkrupp’s performance in the 1st half of the current fiscal year 2019/2020 was significantly impacted by the initial effects of the coronavirus pandemic. In addition, the weak automotive market in particular, as well as price and volume losses in the materials businesses, had a negative impact on performance. In order intake this is reflected in an 8 percent year-on-year decrease to €15 billion. Sales were down by 4 percent to €15.9 billion. Despite immediate countermeasures in response to the coronavirus pandemic, adjusted EBIT at €(433) million was significantly lower than a year earlier (€55 million) particularly due to the situation at Steel Europe. Martina Merz, Chief Executive Officer of thyssenkrupp AG said, “The coronavirus pandemic presents us with enormous challenges. The full impact of the crisis on our businesses is not yet foreseeable. But it is already clear that the economic disruptions will leave very deep marks. We have made a lot of progress with our transformation in the last few months. The company has delivered. We have sold the elevator business and negotiated and begun implementing the steel strategy. We have also found solutions for all our businesses under review. The initiated restructurings are well on track. So things are moving forward. Coronavirus is slowing things down but we are keeping our foot on the gas.”
Tags : ALLIED Q2 Results Steel Thyssenkrupp coronavirus pandemic Martina Merz negative impact automotive market