LONDON ThyssenKrupp AGs net loss surged in its fiscal first quarter, attributing it largely to the sale of its 29.9-percent shareholding in Outokumpu Oyj in December.
Essen, Germany-based ThyssenKrupp reported a net loss of 69 million ($94 million) for the three months ended Dec. 31, more than four times the 16-million loss in the same period a year earlier, it said Feb. 14 in its earnings report.
However, earnings before interest, taxes, depreciation and amortization (Ebitda) improved to 655 million ($893 million) from 444 million in the same comparison, mostly due to the performance of the capital goods side of the business.
Net sales fell 12.5 percent year on year to 9.11 billion ($12.4 billion) due to divestments, exchange rate factors, and lower prices in its global materials trading and European steel units.
Meanwhile, the companys Steel Americas division reported Ebit of 1 million ($1.4 million) for the quarter vs. negative Ebit of 122 million a year earlier. Order intake rose 8.8 percent year on year to 609 million ($830.6 million).
The materials services business reported a 19.4-percent year-on-year increase in Ebit to 43 million ($58.6 million) due to positive results in North America and Eastern Europe.
Steel Europe showed a 31-percent drop in Ebit to 20 million ($27.3 million) from 29 million in the year-earlier quarter, which was "primarily the result of inadequate average selling prices," ThyssenKrupp said.
A version of this article was first published by AMM sister publication Steel First.