Almost a year after Miguel Lopez took office, the industrial group Thyssenkrupp is still wavering between hope and fear.

In the first half of its 2023/24 financial year (as at the end of September), the traditional group posted a net loss of 392 million euros according to the interim report presented on Wednesday. A net loss in the low three-digit million euro range is looming for the year as a whole. This is the second time within a few months that the Management Board has lowered its previous forecast, as it has done for turnover. Due to lower prices and lower volumes sold in the steel division and in materials trading, the Ruhr Group expects sales for the year as a whole to be below the previous year's level. Most recently, thyssenkrupp had forecast a figure at the previous year's level.

It was only in February that the long-established company lowered its outlook for sales and net income. However, it has now confirmed its forecasts for adjusted EBIT and the much-noticed free cash flow before M&A.

"We have made important progress in the strategic realignment of the Group, particularly in the steel business," said Lopez. Thyssenkrupp Steel Europe improved its operating result to 137 million euros in the first half of the year from 76 million euros previously.

Thyssenkrupp is pressing ahead with its strategic realignment at full speed. At the end of April, the company reached an agreement with the EP Corporate Group (EGPC) of Czech billionaire Daniel Kretinsky to enter the steel business. Both sides are already discussing the acquisition of a further 30 percent. The spin-off of the marine division is also progressing. The investment company Carlyle is examining the books and may acquire a stake.

(Report by Tom Käckenhoff, Christoph Steitz, edited by Myria Mildenberger. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).