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Thyssenkrupp cuts profit margin outlook for capital goods business

Thyssenkrupp blamed a strong euro and higher material costs for the cut in margin guidance at the capital goods business

Reuters  |  Frankfurt 

Thyssenkrupp cut the profit margin forecast for its capital goods business on Tuesday, the future heart of the German company after its planned retreat from steel. The set-back, which covers the group's elevators, car parts and plants units, is a blow for CEO Heinrich Hiesinger, who has been striving to sharpen the sprawling company's focus on technology and reduce its exposure to the volatile steel sector. Thyssenkrupp shares fell as much as 5.4 per cent, with traders and analysts pointing to a 22 per cent decline in new orders at the capital goods business in the ...

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First Published: Tue, May 15 2018. 17:30 IST