Thyssenkrupp faces deep quarterly loss due to coronavirus, shares tank
FRANKFURT/DUESSELDORF, Germany (Reuters) - German conglomerate Thyssenkrupp (TKAG.DE) warned on Tuesday that its operating loss could swell to 1 billion euros ($1.1 billion) in the April to June quarter due to the coronavirus crisis.
Shares in the struggling steel-to-submarines group fell as much as 13.5% on the news, which highlighted a rapid deterioration of most of its business lines as carmakers and other industries have come to a standstill.
The group, whose operations range from making car parts to building fertiliser plants, said the April-June quarter would likely be the trough in its fiscal year to Sept. 30.
