Thyssenkrupp steel production cut

Thyssenkrupp expects steel production to contract until the summer, depending on how end-user markets develop, as well as the pandemic. Thyssenkrupp CFO Klaus Keisberg said: “Production cuts are likely to take place until the summer, depending on how the pandemic and demand develop further. The impact of the coronavirus will be more significant in the fiscal 3 quarter, but only marginally affect the results in the second half. Decrease in supplies and volumes ”. expected in Q3 ”.

For the steel block, Thyssenkrupp expects shipments to decline by about a third.
Thyssenkrupp reduced production after shutdowns in March and brought out blast furnace A also adjusted blast furnaces in its integrated mills and cut refining processes by 30% at its steel mill.

First-quarter steel production at the steel division declined 3.1% qoq and 5.2% yoy to 2.8 million tonnes. Shipments of cold-rolled steel decreased by 2.8% year-on-year to 1.8 million tonnes, while shipments of hot-rolled steel increased by 3.6% to 1 million tonnes.