Now expects net loss vs break even in 202324
Books impairments on materials trading division
Thyssenkrupp shares 2.2, Thyssenkrupp Nucera 7

FRANKFURT, May 15 Reuters German conglomerate Thyssenkrupp cut its annual forecasts for sales and net profit for the second time in three months, blaming lower demand and prices at its steel unit, half of which is to be sold to Czech billionaire Daniel Kretinsky.

The scaledback guidance underscores a challenging environment for companies focused on capital goods, which need to tackle elevated inflation, raw materials price swings and cooling global demand.

It comes less than three weeks after Thyssenkrupp announced a deal to sell 20 of its steel business to Kretinsky39;s EPCG, a process that has led to a rift with powerful workers that accuse the group39;s CEO Miguel Lopez of not keeping them in the loop.

Thyssenkrupp39;s supervisory board will meet on May 23 to vote on the deal. Labour representatives hold half the seats but can be outvoted by Chairman Siegfried Russwurm, whose vote will count twice in case of a stalemate.

Mr Lopez should not feel too secure. He has strong opponents, Germany39;s top union IG Metall said in a statement on Wednesday, calling for an action day at Thyssenkrupp39;s headquarters on the day of the board meeting.

Tensions run high also because cheap Asian steel imports have been a major problem for European steelmakers, including Thyssenkrupp, and the hope is that a deal with EPCG will make the…