Thyssenkrupp Steel Output Cuts to Extend to Q3 - CFO

Thyssenkrupp is expecting steel production to remain reduced until the summer, depending on how end-user markets as well as the pandemic develop. Thyssenkrupp CFO Klaus Keysberg said "Production cuts are likely to be in place until summer depending on how the pandemic and demand unfolds further. The impact of the coronavirus would be bigger in fiscal Q3 was only marginally reflected in the Q2 results. Lower shipments and volumes are expected in Q3.” For the steel unit, Thyssenkrupp expects a shipment decline of around a third. Thyssenkrupp cut production following shutdowns in March and took out blast furnace A at semis producer HKM, adjusted blast furnaces at its integrated mills and reduced downstream processes by 30% at its steel unit. Crude steel production in Q1 at the steel division fell by 3.1% quarter on quarter and 5.2% year on year to 2.8 million tonnes. Cold-rolled shipments dropped 2.8% on the year to 1.8 million tonnes, while hot-rolled shipments increased by 3.6% to 1 million tonne.