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Steel News March 17, 2022 08:00:36 PM

Thyssenkrupp Steel Supply to be Impacted by War-Related Disruptions

Paul Ploumis
ScrapMonster Author
The press release said that the group’s combined sales from Russia and Ukraine make up only less than 1% of its total sales.

Thyssenkrupp Steel Supply to be Impacted by War-Related Disruptions

SEATTLE (Scrap Monster): The Executive Board of thyssenkrupp AG suspended forecast for the current fiscal year, appalled by the Russia-Ukraine conflict.

The press release said that the group’s combined sales from Russia and Ukraine make up only less than 1% of its total sales. However, the the far-reaching macroeconomic and geopolitical consequences of the crisis will impact the group’s performance. The supply disruptions are likely to affect the company’s steel and automotive supply businesses. The countermeasures will not be fully capable of compensating these impacts.

ALSO READ: thyssenkrupp Announced Launch of Low Carbon Intensity 'Bluemint' Steel

The company’s business development in the first quarter and in the current second quarter of the fiscal year moved according to plan, until the start of the war. The initial negative impacts became visible in March this year. It expects the second quarter adjusted EBITDA to be above the previous quarter. thyssenkrupp anticipates impacts of negative price to strongly impact free cash flow.

Martina Merz, CEO of thyssenkrupp AG said that the company has made good progress in its transformation, including steel business. However, the consequences of the war are likely to affect the steel business. The company will take all possible measures in response to the anticipated challenges. At the same time, the company is committed to move ahead with its green transformation plans, Merz added.

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