Thousands of Thyssenkrupp steel workers joined protests in Germany yesterday over proposed layoffs. The move comes after the multinational conglomerate, which recorded a net loss of €304 million in the year to September, said it would cut 6,000 jobs globally. In June, the European Commission blocked a proposed merger between Thyssenkrupp and Tata Steel, citing concerns over reduced competition and likely price increases.
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Shares of German steel manufacturer and industrial engineer giant ThyssenKrupp dived over 10% following the release of full-year corporate results. With a mere 1% higher revenue than the year before, the company's top line landed at €42 billion in fiscal 2019, while its net loss widened to €304 million from last year's €62 million. Loss per share also increased by as many as five times, jumping from €0.10 in 2018 to €0.49 this year. Blaming restructuring costs, the company announced it expects an even wider net loss in 2020. ThyssenKrupp's stock plummeted 10.66% at 9:35 am CET, selling for €12.09 and reaching a fresh two-month low.
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Dow Jones Newswires: Thyssenkrupp reports wider loss and sets new guidance - Thyssenkrupp AG said Thursday that net loss for its fiscal year 2019 widened and that it expects a bigger loss next fiscal year due to restructuring costs.