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.
- Key German exports eclipsed by China (7 Jun 13)
- Outlook brightens as German trade picks up (7 Jun 13)
- BASF to invest €10 bln in Asia-Pacific region (4 Jun 13)
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
What do you think? Leave your comment below.
German investor confidence on the up
German investor sentiment rose slightly in June, on firming hopes for a gradual recovery in Europe's biggest economy in the second half of the year, the ZEW economic institute said on Tuesday. READ () »
Commerzbank 'to shed 5,000 jobs'
Commerzbank, Germany's second largest bank, looks set to shed 5,000 jobs, it emerged on Tuesday. The move is part of an attempt to recover from heavy losses incurred during the 2008-2009 financial crisis. READ () »
Sun sets on Siemens solar division
German tech giant Siemens has drawn a line under its foray into the solar power business and is closing down the division, business newspaper the Handelsblatt reported on Monday. READ () »
Motorists flush away millions in toilet tickets
Motorists in Germany are throwing away millions of euros - by not cashing in the 'refund' ticket handed out by public toilet companies operating at autobahn stops. READ () »
Germany joins EU youth unemployment fight
Germany, Italy, France and Spain sent their economy and labour ministers to Rome on Friday to try to find ways to reduce the mass youth unemployment blighting the lives of millions across Europe. READ () »
Canny footballer shoots, scores, is banned
A German amateur footballer who took part in a goal-shooting competition organized by an electronics retail chain, won thousands of euros worth of goods for himself, friends and even complete strangers - until the store banned him. READ () »
Rat poison found at Lidl supermarkets
The German discount supermarket chain Lidl was under fire on Thursday for reportedly scattering rat poison on its produce shelves - without warning customers or reporting a rodent problem to the authorities. READ () »
Berlin: EU can find 'good solution' to US free trade
Germany is confident the EU will find a "good solution" despite differences and hand the EU Commission a mandate to negotiate a landmark free-trade accord with the United States, a government source said on Friday. READ () »
German chains 'ignore Turkish shoppers'
German manufacturers and supermarkets are still ignoring a huge untapped market for halal goods and typical Turkish ingredients, even after five decades of Turkish immigration to the country. READ () »
Vodafone makes bid for Kabel Deutschland
British mobile phone giant Vodafone said on Wednesday it had made a preliminary approach to Kabel Deutschland over a possible offer for the firm, Germany's biggest cable operator. READ () »
- 11/06 Poorer pensioners forced to work into 70's »
- 10/06 ECB official: German court could sink euro »
- 10/06 One in four Germans work in low-wage sector »
- 09/06 Germany expands EU small business scheme »
- 07/06 Key German exports eclipsed by China »
- 07/06 Outlook brightens as German trade picks up »
- 06/06 Puma signs Bangladesh factory safety pact »
- 06/06 Tax equality for gay German couples »
- 05/06 Germany's Rösler fears EU-China trade war »
- 05/06 Part-time work 'makes men ill' »
See all ads | Join the Marketplace
-
PsyShrink Munich
The Expat Psychologists in Munich, Frankfurt and worldwide -
PsyShrink Frankfurt
The Expat Psychologists in Munich, Frankfurt and worldwide -
Chambervelt Rooselain & Cie Ltd.
Insurance and financial planning for English speakers in Germany -
British Corner Shop
British Corner Shop - The online supermarket for expats
813 jobs available
559 new jobs this week
0 new jobs today
- EH&S Specialist Europe (m/f)
- Aerodynamic / CFD Engineer for Turbocharger Turbines (m/f)
- HR Business Partner (m/f) - HR Global Services
- Global Head of Sales
- Inside Sales Account Manager
- Sales Manager
- Intern (f/m) - Linde Engineering Communications
- Payroll Professional (M/F)
- Executive Assistant (m/f)
- Project Quality Manager (m/f)
- 18/06 Aid cuts would be 'devastating' »
- 18/06 Swedish forestry firm cuts 2,500 jobs »
- 17/06 Sweden among winners in future EU-US deal »
- 17/06 New Telia CEO 'excited' about the job »
- 17/06 ABB board unanimous in pick of CEO »
- 14/06 Wine pulled because it was 'too good': supplier »
- 14/06 Sweden may cut aid to Palestinian territories »
- 14/06 Gothenburg corruption blamed on city culture »
- 13/06 Sweden abandons bid to lift EU snus export ban »
- 13/06 'Swedish work-visa window too narrow' »
- More Space, More Art – The “New” Lenbachhaus in Munich
Following a long period of restoration work that included an extension, the year 2013 has seen the reopening of the Lenbachhaus in Munich. - By Way of a Detour – Germany at the Biennale in Venice
For decades now it has been considered to be in the best possible taste at the Biennale to call the competition among the nations into question. - “The Monetary Union is Driving the Countries of Europe Apart” – Four Questions for Wolfgang Streeck
The euro is in crisis, a crisis that some say threatens to break up the European Union itself.... - Antigone as a Comic – Detlev Baur on the first theatre magazine for young people
Since 2007 the the youth magazine Junge Bühne has appeared annually. - “Racism is a violation of human rights” – An Interview with Selmin Çalışkan
Police violence, discrimination, the plight of refugees – human rights violations also happen in Germany, says Amnesty International.
- Keeping an eye on Europe’s values
Jan-Werner Müller, Professor in Princeton, on Hungary as an EU member state. - E-Government
The internet makes it possible: No more waiting in line at government offices, state services around the clock! - GovApps – the town hall on the mobile Internet
The Federal Government’s new public service GovApps provides a guide for public apps. - Paths to the future
In difficult times the European Union is seeking paths out of the crisis.
- Consultant (m/f) for SAP Authorization Governance
- Design Engineer Aerospace in Toulouse
- Design Feasibility Engineer / Craftsmanship Engineer (m/f)
- Exterior Designer (m/f)
- Projekt Cost Controller (m/f) for Plant Engineering Projects
- Strategic Project Junior Manager (f/m)
- (Senior) Consultant SAP R/3 Sales and Distribution (f/m)
- (Senior) Manager IT Supply Chain Solutions (m/f)
- account executive / sales person (m/f)
- Administrative Assistant (f/m)
- 06:03 New in Munich (or new to this forum)
- 04:35 Paperwork after a marriage (U.S./German couple)
- 04:27 Salary expectations for software tester
- 03:34 Recommend a new TV
- 00:24 Safe days during menstrual cycle
- 00:21 Police Report (Anzeige) filed against me
- 00:17 Tell us your "Airplane roulette" stories
- 00:10 Used Car (Gebrauchtwagen) problems
- 00:07 Hayfever
- 00:07 Representing myself in court
Start trading shares, equities, forex, etc. No commission on equities; Low min. margins. Apply for a CFDs account now!
'Charming, old, beamed cottage for holiday let in Jesus Pobre, Alicante, Spain
www.littlehouseinspain.com/
Professional and qualified consultancy on all insurance and finance matters in Germany, Telephone: +49 2163 571 1740, Email: bg@albatross-assurance.com
www.albatross-assurance.com
Visiting Berlin anytime soon? Book your hotel in Berlin here.
For home-from-home holiday accommodation, search for a Berlin apartment to rent.
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.