AT A GLANCE: Thyssenkrupp reports big loss from pandemic, plans more job cuts

A summary of German industrial group Thyssenkrupp’s results for the financial year October 1, 2019, to September 30, 2020.

In brief

Thyssenkrupp’s full-year results were significantly affected by the fallout from the Covid-19 pandemic. In the eurozone, economic output recovered in the third quarter of 2020, after the measures to contain Covid-19 were eased in most countries. But it was expected to decline significantly in October-December due to the reintroduction of lockdown measures. A slump in automotive industry activity in the first half of 2020 greatly affected Thyssenkrupp’s materials and components businesses. A clear recovery by the automotive industry was expected in 2021, although a return to pre-pandemic figures was not expected before 2023. The company’s Steel...

Published

Julia Bolotova

November 19, 2020

14:25 GMT

Dnipro