Crisis-hit Thyssenkrupp books another hefty annual loss [Video]

German industrial giant Thyssenkrupp reported Tuesday a massive annual loss for the second year running, as it battles challenges including a crisis in its historic steel division.

The conglomerate, whose products range from steel to submarines, booked a loss of 1.5 billion euros ($1.6 billion) for the 2023-24 financial year, after a loss of over two billion euros the previous year.

Once a symbol of German industrial might, Thyssenkrupp has suffered as high manufacturing costs at home, falling prices for its products and fierce competition from Asian rivals hammered its traditional steel business.

Chief executive Miguel Lopez said “very challenging market conditions” had weighed on the Essen-based group but insisted that it had made “key progress” in pushing through a major restructuring.

The group, which runs its financial year from October to September, is predicting a return to profit in the next fiscal year of 100 million to 500 million …