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.
"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.
While the group's net loss came in at 1.5 billion euros in 2024, the group turned an unexpected positive free cash flow before M&A of 110 million euros thanks to prepayments by customers of its Marine Systems division.
The group, which makes everything from submarines to car parts, had expected negative free cash flow before M&A - a key gauge for investors of the conglomerate's operational health - of around 100 million euros.
($1 = 0.9438 euros)
