Thyssenkrupp Cuts Outlook as Loss Deepens on Weak Demand

Thyssenkrupp AG lowered its annual profit and revenue guidance after posting a deeper third-quarter loss, hit by sluggish demand and falling prices.

The German steel and engineering group now expects adjusted earnings before interest and tax at the lower end of its earlier forecast of €600 million ($702 million) to €1 billion. Revenue is projected to decline by as much as 7% this year, compared with an earlier outlook for a drop of at most 3%. As a result, it’s paring back investments and pledged continued cost cuts.