German steel giant Thyssenkrupp net losses shrink, selling US plant

The German steel giant Thyssenkrupp on Saturday reported a net loss of over 1.5 billion euros (2.04 billion U.S. dollars) for the fiscal year ending Sept. 30 while confirming that it is selling its steel plant in the United States. The company registered a net loss of 1.54 billion euros for the 2012/2013 fiscal year, far less than the 5 billion-billion euro loss a year earlier. Thyssenkrupp mainly attributed the loss to operating losses and impairment charges at its U.S. subsidiary Steel Americas, expenses from the shareholding of a steel company in Finland, a fine and provisions for compliance violations and restructuring measures. Data released by the company show that it achieved net sales of 39.78 billion euros, down by 15 percent year on year. The adjusted earnings before interest and taxes (EBIT) stood at 531 million euros, 67 percent more than that in the prior fiscal year. Heinrich Hiesinger, chairman of the executive board of Thyssenkrupp, said in a letter to shareholders that the reporting year was "not an easy one" for the company. "ThyssenKrupp, your company, is in the middle of its biggest restructuring since the merger in 1999." The company also announced on Friday that it is selling its steel plant in the United States to two competitors ArcelorMittal and the Nippon Steel and Sumitomo Metal Corporation for 1.55 billion U.S. dollars.