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August 15, 2009

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Germany's steel giant posts loss for quarter

GERMAN steel maker ThyssenKrupp yesterday reported a third-quarter net loss of 630 million euros (US$900 million) as the global recession cut into demand for steel.

The Duesseldorf-based company, Germany's largest steel producer, said the loss comes after a profit of 613 million euros in the third quarter of its 2008 fiscal year.

Sales for the period fell to 789 million euros from 2.5 billion euros a year ago, a 68 percent decline.

The company said it expects a pretax loss for the full fiscal year "in the upper three-digit million euro range" because of a large drop in orders and sales. It said a fall in prices and volumes will only be partly offset by lower material costs and efficiency measures.

"The overall economic environment deteriorated further in the reporting period," ThyssenKrupp said.

"The global recession is affecting our company in all areas. The worldwide slump in demand -- coupled with in part hefty price falls -- was particularly dramatic in our carbon and stainless steel and international materials services activities."

For the nine months ending June 30, the company reported a loss of 829 million euros compared with a profit of nearly 1.6 billion euros in the first nine months of 2008.


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