The China Mail - Germany's Thyssenkrupp cuts targets as US tariffs weigh

USD -
AED 3.672504
AFN 63.000368
ALL 82.732897
AMD 367.370222
ANG 1.790403
AOA 917.000367
ARS 1478.086972
AUD 1.450326
AWG 1.80125
AZN 1.70397
BAM 1.716442
BBD 2.015885
BDT 123.112028
BGN 1.69088
BHD 0.377375
BIF 2972.662249
BMD 1
BND 1.295099
BOB 6.916495
BRL 5.177041
BSD 1.000921
BTN 93.946202
BWP 13.602176
BYN 2.902892
BYR 19600
BZD 2.012989
CAD 1.41895
CDF 2267.50392
CHF 0.80956
CLF 0.023471
CLP 922.497696
CNY 6.79815
CNH 6.804685
COP 3438.325508
CRC 454.429769
CUC 1
CUP 26.5
CVE 96.770372
CZK 21.30904
DJF 178.235113
DKK 6.565804
DOP 58.809075
DZD 133.424898
EGP 49.530036
ERN 15
ETB 161.36601
EUR 0.877704
FJD 2.266104
FKP 0.756395
GBP 0.757518
GEL 2.64504
GGP 0.756395
GHS 11.285269
GIP 0.756395
GMD 73.000355
GNF 8770.020624
GTQ 7.63614
GYD 209.469481
HKD 7.84255
HNL 26.780464
HRK 6.617804
HTG 130.8175
HUF 310.850388
IDR 17860.6
ILS 3.00205
IMP 0.756395
INR 94.360504
IQD 1311.158892
IRR 1375250.000352
ISK 126.490386
JEP 0.756395
JMD 157.637457
JOD 0.70904
JPY 161.75504
KES 129.518627
KGS 87.450384
KHR 4017.727851
KMF 434.00035
KPW 900.00035
KRW 1535.290383
KWD 0.30961
KYD 0.834087
KZT 485.637808
LAK 21969.371188
LBP 89630.523498
LKR 336.443021
LRD 182.31603
LSL 16.452675
LTL 2.95274
LVL 0.60489
LYD 6.42503
MAD 9.385493
MDL 17.746281
MGA 4233.621484
MKD 54.091886
MMK 2099.386013
MNT 3578.909161
MOP 8.085217
MRU 39.945588
MUR 47.250378
MVR 15.450378
MWK 1735.574181
MXN 17.504204
MYR 4.088039
MZN 63.903729
NAD 16.452675
NGN 1376.130377
NIO 36.83356
NOK 9.933039
NPR 150.313748
NZD 1.771166
OMR 0.384504
PAB 1.000921
PEN 3.41305
PGK 4.39247
PHP 61.312038
PKR 278.550353
PLN 3.76695
PYG 6109.087718
QAR 3.648427
RON 4.603104
RSD 103.014612
RUB 78.910966
RWF 1465.794901
SAR 3.758743
SBD 8.051953
SCR 14.057835
SDG 600.000339
SEK 9.73761
SGD 1.294204
SHP 0.746601
SLE 24.803667
SLL 20969.503664
SOS 572.030366
SRD 37.483038
STD 20697.981008
STN 21.501602
SVC 8.757734
SYP 110.532098
SZL 16.443021
THB 33.378038
TJS 9.263329
TMT 3.5
TND 2.966607
TOP 2.40776
TRY 46.553304
TTD 6.802405
TWD 31.859804
TZS 2632.322612
UAH 44.926675
UGX 3673.702225
UYU 40.177279
UZS 12022.46698
VES 620.752985
VND 26300
VUV 119.628449
WST 2.780038
XAF 575.678617
XAG 0.017058
XAU 0.000246
XCD 2.70255
XCG 1.803853
XDR 0.715959
XOF 575.678617
XPF 104.664531
YER 238.625037
ZAR 16.987795
ZMK 9001.203584
ZMW 18.029751
ZWL 321.999592
  • CMSD

    -0.1600

    21.77

    -0.73%

  • GSK

    0.6100

    52.5

    +1.16%

  • RBGPF

    3.7000

    65

    +5.69%

  • CMSC

    -0.1160

    21.93

    -0.53%

  • RYCEF

    0.3900

    18.39

    +2.12%

  • NGG

    -0.4100

    83.01

    -0.49%

  • RELX

    0.4200

    31.34

    +1.34%

  • BTI

    0.2800

    62.76

    +0.45%

  • RIO

    -1.3700

    93.74

    -1.46%

  • BCC

    1.2600

    81.02

    +1.56%

  • AZN

    2.7300

    188.41

    +1.45%

  • BCE

    -0.2800

    22.92

    -1.22%

  • VOD

    0.0300

    13.89

    +0.22%

  • BP

    -0.5900

    37.13

    -1.59%

  • JRI

    0.2100

    12.79

    +1.64%

Germany's Thyssenkrupp cuts targets as US tariffs weigh
Germany's Thyssenkrupp cuts targets as US tariffs weigh / Photo: © AFP

Germany's Thyssenkrupp cuts targets as US tariffs weigh

Thyssenkrupp's shares slumped Thursday as the struggling German industrial giant slashed its sales forecasts due to weak demand amid US President Donald Trump's tariff onslaught.

Text size:

The group, whose products range from steel to car parts and submarines, said it now expects sales to fall by five to seven percent in the current fiscal year.

This compared to a previous forecast of a drop of up to three percent.

Thyssenkrupp's shares plunged seven percent on the Frankfurt Stock Exchange following the announcement.

The group has long been struggling, particularly as its traditional steel business faces competition from Asia, but the turmoil triggered by Trump's tariffs have worsened its problems.

"The past quarter was characterised by enormous macroeconomic uncertainty," said Thyssenkrupp CEO Miguel Lopez.

"We are very much feeling the weak market environment in key customer industries such as the automotive, engineering and construction industries."

The firm, one of Germany's best-known industrial groups that traces its history back to the 19th century, also posted a hefty net loss for the April-to-June period of 278 million euros ($325 million) -- five times greater than a year ago.

The results were hit by an impairment in the troubled steel division as well as restructuring costs at its auto unit.

The company also gave a more cautious forecast for operating profits for the current fiscal year, which runs to the end of September. The firm expects them to be in the lower end of a previously announced range of 600 million to one billion euros.

On a brighter note, its unit that makes submarines and warships reported a jump in sales and orders, driven by a boom in the defence sector triggered by the Ukraine war.

Thyssenkrupp shareholders voted last week in favour of spinning off the division so it can benefit more from growing demand.

It is part of a broader overhaul to split the entire group into a series of standalone businesses, but the plan has fuelled fears of further job cuts at the historic conglomerate.

V.Fan--ThChM