August 8, 2019 / 5:09 AM / 18 days ago

Thyssenkrupp CEO Kerkhoff under pressure after profit warning

FRANKFURT, Aug 8 (Reuters) - Thyssenkrupp on Thursday scrapped its outlook for the current business year due to falling demand in the automotive and steel industries, the latest profit warning under current Chief Executive Guido Kerkhoff.

Adjusted earnings before interest and tax (EBIT) are now expected to fall to 0.8 billion euros ($897 million) in the 2018/19 fiscal year, down from 1.4 billion last year, Thyssenkrupp said, citing weaker than expected economic growth and higher iron ore costs. ($1 = 0.8921 euros) (Reporting by Christoph Steitz Editing by Michelle Martin)

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