Thyssenkrupp cuts sales outlook on Mideast war

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Frankfurt: Thyssenkrupp has lowered its annual sales forecast, citing the Iran conflict and the ongoing war in Ukraine as primary drivers of global economic instability. The German industrial giant now expects revenue to remain flat or decrease by up to 3%, a downgrade from its previous growth projections.

The conglomerate reported a second-quarter loss of 11 million euros, largely due to restructuring costs. Despite these challenges, core profits rose to 198 million euros following significant cost-cutting measures. While the company faces pressure from high energy prices and Asian competition, CEO Miguel Lopez noted early signs of recovering European steel prices. Meanwhile, talks to sell its steel unit to India's Jindal Steel have paused following new EU steel tariffs.