Berlin — On Thursday, German industrial giant Thyssenkrupp posted an annual loss of €649m for the year ending September, due mainly to a once-off charge related to the sale of Brazilian steel mill CSA. Thyssenkrupp, which makes products ranging from submarines to car parts to elevators, had issued a profit warning in May about the exceptional charge. Nevertheless, its annual loss was wider than the €554m loss predicted by analysts from the financial service Factset. But the group posted sales of €43bn, up 9%, that beat analyst expectations. Over the financial year ending September 2017, orders rose 18% to €44bn, dragged up by demand for elevators and industrial components. "The past fiscal year was a year of important decisions," said the group’s CEO Heinrich Hiesinger. "The sale of the Brazilian steel mill CSA and the memorandum of understanding on a joint venture of our European steel activities with Tata Steel created strategic clarity." Hiesinger, who is due to give a press conf...
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