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ThyssenKrupp posts massive €4.7 billion loss
Published: 11 Dec 12 07:49 CET | Print version
Online: http://www.thelocal.de/money/20121211-46687.html
German heavy industry giant ThyssenKrupp said on Monday it would not pay any annual dividends after it posted a loss of €4.7 billion for the year following a write-down of two loss-making steel plants.
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The world's 14th largest steel producer, the group had paid €0.45 per share in the prior year after posting a €1.8 billion loss.
It also confirmed the dismissal of three executive board members over its recent economic difficulties and wave of scandals.
Steel-making forms the historic core of ThyssenKrupp's business, which was formed in 1999 from the merger of two steel giants Thyssen and Krupp whose roots stretch back into the 19th century.
But the steel business is highly cyclical and has been severely hit by the economic downturn.
ThyssenKrupp -- which also makes elevators, industrial plant technology, submarines and car parts -- had been scheduled to publish its earnings results on Tuesday at its annual press conference.
It is currently looking for potential buyers for the two loss-making steel plants in the United States and in Brazil.
AFP/hc
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Your comments about this article:
Merkel isn't even a board member, so get some facts before putting your regular comment.
I thought Germany under Merkyl's guidance was immune to the economic downturn. Oder?
'But the steel business is highly cyclical and has been severely hit by the economic downturn.'
You're going to have to come up with something better than this to blame Merkel. Like I say get some facts to back up your argument.............
If following your logic Merkel is responsible for all economic outcomes (even outside europe?) then she is also responsible for record sales at Audi, VW, Mercedes and BMW.
TK invested somewhere in the neighbor hood of 12B euros in the American and Brazilian projects.