Steel giant sacks management, posts $5.8 billion loss

Global steel giant and industrial manufacturer ThyssenKrupp has posted a $5.83 billion loss for the year and sacked half of its leadership team.

Global steel giant and industrial manufacturer ThyssenKrupp has posted a $5.83 billion loss for the year and sacked half of its leadership team.

At a news conference earlier this week ThyssenKrupp CEO Heinrich Hiesinger said a “great deal” had gone wrong for the company, and it would not pay a dividend for the last financial year because of a lack of funds.

The company’s losses centre on a $4.4 billion writedown of its steel mills in the United States and Brazil, which it is trying to sell.

Whilst steelmaking forms the historic core of ThyssenKrupp’s business, the company also makes elevators, car parts, submarines, and other industrial equipment.