German steel producer, Thyssenkrupp AG is revising its outlook for FY24, ending September 30, 2024, due to ongoing market challenges that are significantly impacting sales.
The market is not expected to stabilize in the short term. While the APEX performance program is helping to mitigate some negative effects, it cannot fully offset them, the company said in a statement.
Under the APEX program, the company is implementing additional measures to enhance cash management and performance to meet financial targets.
For FY24, Thyssenkrupp now expects sales to decline by 6-8pct compared to the previous year, a steeper drop than previously forecasted. Adjusted EBIT is anticipated to exceed EUR 500 mln (USD 542 mln), up from earlier expectations of a high three-digit mln euro range. Free cash flow before M&A is projected to be EUR -100 mln (USD 108 mln), a decline from the previously expected positive range in the low three-digit mln euros.
1 USD / 0.92 EUR
