steel
German conglomerate Thyssenkrupp, which specialises in industrial engineering and steel production, reported downbeat financial results on Wednesday. For the second time in three months, the firm cut its annual forecasts for sales and net profit, citing lower demand and prices at its Materials Services and Steel Europe divisions. Thyssenkrupp now expects net income to be a negative figure in the low three-digit million euro range, a downgrade from its previous forecast, which suggested it would break-even. The firm added that "geopolitical and trade conflicts" were contributing to the "difficu...
Euronews (English)
Forcing the UK to rely on foreign steel to build wind turbines could increase the cost burden and slow down projects, according to a report by Newton Consultancy Group. As part of the government's plan to decarbonise the economy, it is currently seeking to deliver 50GW of offshore wind power by 2030. To do this, UK steel supply needs to rise by a fifth between 2025 and 2027, the report said. An additional 3.8 million metric tons, equal to 23% of the UK's annual steel production, will therefore be needed within the period, the group explained. "It is imperative that UK industry and government c...
Euronews (English)
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