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DAXX:TKA, May 20, 11:29 UTC

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Friday, May 18


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Tata Steel's Dutch employees throw spanner in Thyssenkrupp JV works

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Tata Steel's Dutch employees throw spanner in Thyssenkrupp JV works. * Thyssenkrupp (IOB: 0O1C.IL - news) , Tata Steel (BSE: TATASTEEL.BO - news) plan signing by end-June (Adds more detail on works council's demands and JV deal). Tata Steel confirmed http://www.tatasteel.com/media/6829/tata-steel-outcome.pdf that timeline a day later. But this will not happen without the consent of the Dutch workers, van Wieringen said. The groups had previously aimed to sign the deal to combine their European steel activities in the beginning of 2018, and had foreseen its closure at the end of the year. But Tata Steel's board still needs the final consent of trade unions and the works council.

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Tuesday, May 15


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Thyssenkrupp sees no risk of Tata Steel JV collapse: CFO

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Thyssenkrupp sees no risk of Tata Steel JV collapse - CFO. FRANKFURT (Reuters) - Germany's Thyssenkrupp (TKAG.DE) sees no risk that a planned deal to create a joint venture with Tata Steel (TISC.NS) can still collapse even though a crucial agreement between the Indian group and workers in the Netherlands has yet to be reached, its finance chief said. "No worries," Guido Kerkhoff told analysts during a call on Tuesday to discuss second-quarter results when asked whether such a risk still existed after the group has delayed the signing of the deal which is now expected by the end of June. The planned European steel joint venture marks the core of Thyssenkrupp's strategy adjustment away from steel. What to read next.

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Thyssenkrupp storms back to profit as steel plans pay off

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Thyssenkrupp storms back to profit as steel plans pay off By AFP | Essen (Germany) | Last Updated at May 15 2018 18:25 IST. German industrial giant Thyssenkrupp confirmed its full-year outlook on Tuesday after dramatically swinging back to profit in the second quarter as it reaped the benefits of a major overhaul of its steel operations. Last year's loss was mainly down to one-off charges related to the sale of Thyssenkrupp's Brazilian steel mill CSA, which allowed the group to finally end its Steel Americas foray after years of losses. Thyssenkrupp said second-quarter earnings were also boosted by a recovery in global steel prices, which helped operating, or underlying, profit adjusted for special items climb 21 percent to 500 million euros.

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Thyssenkrupp cuts profit margin outlook for capital goods business

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Thyssenkrupp cuts profit margin outlook for capital goods business By Reuters | Frankfurt | Last Updated at May 15 2018 17:30 IST. The set-back, which covers the group's elevators, car parts and plants units, is a blow for CEO Heinrich Hiesinger, who has been striving to sharpen the sprawling company's focus on technology and reduce its exposure to the volatile steel sector. Thyssenkrupp shares fell as much as 5.4 per cent, with traders and analysts pointing to a 22 per cent decline in new orders at the capital goods business in the second quarter. The adjusted operating profit margin for the elevators unit is now expected to be at least stable this year, compared with a previous forecast for a rise of 0.5-0.7 percentage points.

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Thyssenkrupp Storms Back To Profit As Steel Plans Pay Off - UrduPoint

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Thyssenkrupp storms back to profit as steel plans pay off By AFP | Essen (Germany) | Last Updated at May 15 2018 18:25 IST. German industrial giant Thyssenkrupp confirmed its full-year outlook on Tuesday after dramatically swinging back to profit in the second quarter as it reaped the benefits of a major overhaul of its steel operations. Last year's loss was mainly down to one-off charges related to the sale of Thyssenkrupp's Brazilian steel mill CSA, which allowed the group to finally end its Steel Americas foray after years of losses. Thyssenkrupp said second-quarter earnings were also boosted by a recovery in global steel prices, which helped operating, or underlying, profit adjusted for special items climb 21 percent to 500 million euros.

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Shares Fall As Thyssenkrupp Cuts Outlook for Capital Goods

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FRANKFURT, May 15 (Reuters) - German industrial and technology conglomerate Thyssenkrupp cut the profit margin forecast for its key capital goods business on Tuesday, blaming a stronger euro and higher material costs. Shares in the group, which makes everything from submarines and chemical plants to steel and car parts, fell as much as 4.6 percent to the bottom of Germany's blue-chip index. While Thyssenkrupp confirmed its full-year profit guidance at a group level, the cut in capital goods - which includes elevators, car parts and the struggling industrial solutions unit - is a setback for boss Heinrich Hiesinger. The adjusted operating profit margin for the elevators unit is now expected to be at least stable this year, compared with a previous forecast for a rise of 0.5-0.7 percentage points. Profit at the company's Steel Europe division more than doubled to 198 million euros, driven by a sharp recovery in prices so far this year, chiming with bullish remarks from sector-leader ArcelorMittal last week.

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Lower costs help Thyssenkrupp offset Industrial Solutions loss

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FRANKFURT (Reuters) - Higher cost savings and lower IT spending masked a surprise loss at Thyssenkrupp's <TKAG.DE> struggling Industrial Solutions business, which engineers plants and builds ships and has suffered from slowing demand and low-margin orders. Investors, most notably Thyssenkrupp's second-largest shareholder Cevian, have repeatedly pointed to Thyssenkrupp's overly complex conglomerate structure and the high costs related to it, calling for a simpler set-up to slash spending. A restructuring programme at Industrial Solutions initiated last year and including up to 1,500 additional job cuts, "is expected to provide a significant earnings improvement in the second fiscal half", Thyssenkrupp said. Profit at the company's Steel Europe division, to be merged with the European steel unit of Indian peer Tata Steel <TISC.NS>, more than doubled to 198 million euros, driven by a sharp recovery in prices so far this year.

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Friday, April 27


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Investors demand more changes at Thyssenkrupp ahead of review

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FRANKFURT (Reuters) - With a planned steel joint venture in reach, Thyssenkrupp <TKAG.DE> has pledged to refine its strategy by the second half of the year, with some shareholders expecting more radical and structural changes to remove a discount on the stock. Much of Thyssenkrupp's future set-up depends on a 50-50 steel venture with India's Tata Steel <TISC.NS>, a transaction that was delayed earlier this month due to ongoing talks between Tata and workers in Britain and the Netherlands. As part of the annual strategy dialogue between management and the supervisory board, Thyssenkrupp Chief Executive Heinrich Hiesinger has pledged to "hone our strategic vision and also adapt our financial targets accordingly". This has fuelled hopes the group could give in to demands to simplify its complex structure, similar to a broader strategy overhaul unveiled in 2011, which led the group to pull out of a substantial part of its steel activities. Thyssenkrupp could reveal details about a potential listing of the planned joint venture with Tata Steel, a move expected by investors but only possible once the deal is closed.

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AP Photos: ThyssenKrupp synonymous with German steel

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DUISBURG, Germany (AP) — Germany is the world's seventh largest steel producer and the largest in Europe, responsible for 2.6 percent of global production, according to the German Steel Federation. One name that's become synonymous with the German steel sector is ThyssenKrupp, a company perhaps best known for the fearsome artillery pieces and other weapons produced during World War I and World War II. Headquartered in western Germany in the Ruhr valley city of Duisburg, today it's a global conglomerate with nearly 160,000 employees in 79 countries and annual sales of 41.5 billion euros ($50 billion). Germany's steel exports are well diversified, with only 5 percent going to the United States, but the Steel Federation has warned that if Washington does impose tariffs there could be a knock-on effect stoking protectionism worldwide.

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AP Photos: ThyssenKrupp synonymous with German steel

TKA

DUISBURG, Germany (AP) — Germany is the world's seventh largest steel producer and the largest in Europe, responsible for 2.6 percent of global production, according to the German Steel Federation. One name that's become synonymous with the German steel sector is ThyssenKrupp, a company perhaps best known for the fearsome artillery pieces and other weapons produced during World War I and World War II. Headquartered in western Germany in the Ruhr valley city of Duisburg, today it's a global conglomerate with nearly 160,000 employees in 79 countries and annual sales of 41.5 billion euros ($50 billion). Germany's steel exports are well diversified, with only 5 percent going to the United States, but the Steel Federation has warned that if Washington does impose tariffs there could be a knock-on effect stoking protectionism worldwide.

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