February 13, 2020 / 6:00 AM / 13 days ago

Thyssenkrupp's Q1 profit drops as steel becomes new problem child

FRANKFURT, Feb 13 (Reuters) - Thyssenkrupp posted a 77% drop in adjusted operating profit in the first quarter, blaming a weak automotive market while its steel division, part of the group’s core following a planned divestment of its elevator business, swung to a loss.

First-quarter adjusted earnings before interest and tax (EBIT) fell to 50 million euros ($54.35 million), the group said on Thursday. “The latest figures are not great,” CEO Martina Merz said, adding that restructuring efforts were ongoing. ($1 = 0.9200 euros) (Reporting by Christoph Steitz Editing by Michelle Martin)

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