Thyssenkrupp swings to loss

Australian dollars in Sydney, Friday, Jan. 15, 2016. (AAP Image/Joel Carrett) NO ARCHIVING

Thyssenkrupp AG (TKA.XE) said Tuesday that it swung to a loss in the second quarter of its fiscal year, as the global economic slowdown hit its capital-goods units and low steel prices weighed on its steelmaking activities.

The German conglomerate posted a net loss of 99 million euros ($111.2 million) compared with a profit of EUR253 million a year earlier.

The group’s Steel Europe division posted an operating loss of EUR118 million, while its Industrial Solutions division had an operating loss of EUR30 million.

Sales edged up to EUR10.64 billion from EUR10.44 billion, the company said.

Last week Thyssenkrupp presented an abrupt change in strategy, abandoning plans to split its operations into two separate companies and opting instead to spin off and list its elevators division.

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