Thyssenkrupp’s stock took a sharp dive on the Frankfurt Stock Exchange after the company reported disappointing quarterly results. The steel division, in particular, struggled, contributing to a notable drop in earnings. Despite these setbacks, the company remains committed to its financial targets for the fiscal year.
In the second quarter, Thyssenkrupp experienced a decline in both orders and sales. The company’s operating profit also saw a significant decrease. However, the net profit was bolstered by gains from the sale of a subsidiary in India. The steel division’s performance was a major concern, showing a loss compared to a profit in the same period last year.
CEO Miguel Lopez remains hopeful for the latter half of the year, anticipating a more stable market and positive outcomes from recent measures. Additionally, the company is planning to sell a minority stake in its Marine Division by the end of the year.