202324 net loss at 1.5 bln eur
EPCG can step back from steel deal if 5050 JV fails
Free cash flow before MA positive at 110 mln eur

ESSEN, Germany, Nov 19 Reuters Thyssenkrupp on Tuesday said it took a fresh 1 billion euro 1.06 billion impairment on its struggling steel division, citing the sector39;s deteriorating outlook as well as future investments needed to decarbonise production.

The latest impairment on steel is the second in as many years and comes as talks with Czech billionaire Daniel Kretinsky, who already owns 20 in the division, continue over the question whether that stake could be raised to 50.

Like its German industrial peers, Thyssenkrupp has been struggling with a weakening global economy, rising competition from China and high costs, forcing it to seek new owners for its iconic steel business as well as its warship division.

Steelmaking, one of the most energyintensive industries, has battled high power costs and cheaper Asian rivals for years while facing billions of euros in investment to cut emissions and produce steel via renewable sources.

In respect of our main strategic issues, the current fiscal year will be a year of decisions especially for Steel Europe and Marine Systems, CEO Miguel Lopez said.

Kretinsky, via his energy holding EPCG, can step back from a deal with Thyssenkrupp if talks for a 5050 stake fail, Thyssenkrupp said, adding discussions now depended on a new business plan for the unit which is currently being drawn up….