Thyssenkrupp’s Q1 profit drops on weak auto market

Europe

FRANKFURT — Thyssenkrupp posted a 77 percent drop in adjusted operating profit in the first quarter, blaming a weak automotive market. The supplier’s 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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