Thyssenkrupp's first-quarter profit drops as steel becomes new problem child

FRANKFURT (Reuters) – Thyssenkrupp (DE:) posted a 77% drop in adjusted operating profit in the first quarter, blaming a weak automotive market while its steel division, part of the group’s core following a planned divestment of its elevator business, swung to a loss.

First-quarter adjusted earnings before interest and tax (EBIT) fell to 50 million euros ($54.35 million), the group said on Thursday. “The latest figures are not great,” CEO Martina Merz said, adding that restructuring efforts were ongoing.

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