The latest business figures from the industrial group Thyssenkrupp are causing the price of the already battered share to fall further. The economic weakness is playing an important role.
The industrial group Thyssenkrupp was again in the red from April to June. A lower level of dynamism in important customer industries such as the automotive sector, mechanical and plant engineering and the construction industry had a negative impact on business, the company explained in Essen.
In July, Thyssenkrupp had already lowered its forecast for the full year for the third time this year. The group announced further restructuring measures for the automotive supplier division, including the elimination of hundreds of jobs in Germany. The concept for the reorientation of the steel business is still pending.
Share price drops to record low: 3.14 euros
The whole situation led to further losses for the already badly hit stock. The stock plunged early in the morning and widened its losses to a record low of EUR 3.14. By midday, it was at EUR 3.17.
Thyssenkrupp shares have halved since the beginning of the year. Weak results and high levels of uncertainty about future business developments led investors to flee. In the MDax stock market segment, they are among the weakest stocks in 2024.
54 million euros loss in the third quarter
In the third business quarter (as of the end of June), Thyssenkrupp posted a loss of 54 million euros, as the Essen-based company announced. In the same period last year, Thyssenkrupp had earned 83 million euros. The group had already posted losses in the first two quarters.
Q3 announcement
Source: Stern
