Thyssenkrupp steel prices profit down by 34 per cent
German industrial conglomerate Thyssenkrupp has reported a 34 per cent slide in net profit for the third quarter of its fiscal 2016, weighed down by drops in global steel and material prices from a year ago. Adjusted earnings before interest and tax at Steel Europe, the ThyssenKrupp unit that may tie up with the European operations of India’s Tata Steel, fell 45 per cent to €91m in the three months to June 30. ThyssenKrupp and Tata said last month they were in “preliminary” talks about a joint venture, in part to drive consolidation in a European sector reeling from cheap Chinese steel imports. After hitting multiyear lows because of the glut, steel prices began to stage a rally in February, although there has been a limited dip since June.
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