Thyssenkrupp steel unit aims for return to profit in fiscal year 2021/22 - WAZ

FRANKFURT (Reuters) - Thyssenkrupp's steel division aims to return to profit in the 2021/22 fiscal year, encouraged by a recent slight recovery after a massive slump due to the coronavirus pandemic, the head of the division told a newspaper. Unit head Bernhard Osburg told WAZ daily that the business had its work cut out to turn a profit in the fiscal year beginning on Oct. 1 next year

Reuters August 22, 2020 00:06:15 IST
Thyssenkrupp steel unit aims for return to profit in fiscal year 2021/22 - WAZ

Thyssenkrupp steel unit aims for return to profit in fiscal year 202122  WAZ

FRANKFURT (Reuters) - Thyssenkrupp's steel division aims to return to profit in the 2021/22 fiscal year, encouraged by a recent slight recovery after a massive slump due to the coronavirus pandemic, the head of the division told a newspaper.

Unit head Bernhard Osburg told WAZ daily that the business had its work cut out to turn a profit in the fiscal year beginning on Oct. 1 next year.

"We are reorganising our plant network and cutting costs also via job cuts. At the same time we need some tail wind from the business cycle. A lot depends on the auto industry," said Osburg.

(Reporting by Ludwig Burger; Editing by Susan Fenton)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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