Turnaround speed an issue in investor talks
No timeline on steel unit spin off, hydrogen IPO
Q1 adjusted EBIT down by a third
Shares fall as much as 9.6

FRANKFURTDUESSELDORF, Feb 14 Reuters Thyssenkrupp39;s restructuring was progressing at a slow pace, its finance chief said, as the company grapples with delayed spin off and listing of two of its units, as well as negative cash flow, sending its shares down nearly 10.

Of course, free cash flow is an issue, and speed of implementation is also an issue, Klaus Keysberg said on Tuesday after the company39;s firstquarter results that showed its adjusted operating profit fell by a third.

As the investors say, it39;s a 39;show me39; story.

Thyssenkrupp has undergone a major overhaul in recent years by divesting several business, including its elevator unit, but two major pillars of its turnaround, the listing of its hydrogen business and spin off of its steel division, have been repeatedly delayed.

Keysberg refrained to be drawn in on timelines for both the potential transactions.

Shares of the German warshiptocar parts conglomerate fell as much as 9.6 to the bottom of Frankfurt39;s midcap index. The stock is down three quarters since January 2018.

The company39;s restructuring is lagging and far too little has happened in the past year, Ingo Speich of top20 shareholder Deka Investment said at the group39;s annual general meeting earlier this month.

In recent weeks German companies have seen a number of investors…