Cleveland Cliffs Inc (CLF)

[Lishur]

Steel becomes new problem child as Thyssenkrupp posts profit drop

Thyssenkrupp's steel division swung to a loss in the first quarter, raising doubts over Europe's second-biggest steelmaker, the conglomerate's core following its planned sale of its elevator business.

Imports from China and weak demand from the car industry have pummeled steelmakers across the continent, including German rival Salzgitter (SZGG.DE) and the local division of India's Tata Steel (TISC.NS).

Thyssenkrupp's loss highlights the challenges it will face in revamping the business, which, along with materials trading, will be the backbone of Thyssenkrupp once the sale of its elevator business is decided at the end of the month.
https://mobile.reuters.com/article/amp/idUSKBN2070HZ?__twitter_impression=true