ThyssenKrupp cuts profit forecasts amid steel glut

The fall in materials prices – particularly steel – has forced Thyssenkrupp to cut its profit forecasts.

Amid what it called “extremely difficult conditions” in the materials market it now says full-year underlying earnings will at least 1.4 billion euros.

The previous forecast was 1.6 to 1.9 billion.

“While we are now seeing a recovery in material prices, it is coming later than we originally expected and from a lower level and will also be reflected in our figures with a time lag,” Chief …

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