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ThyssenKrupp swings to loss
THYSSENKRUPP, Germany’s biggest steel maker, swung to a surprise €357m (£227.2m) operating loss in the last quarter of 2011 as weak demand from customers rattled by Europe’s debt crisis hit prices.
The group, which last month agreed to sell its struggling stainless steel unit, said yesterday it was unable to give a reliable forecast for its financial year that ends in September due to the uncertain economic outlook. Arcelor Mittal, the world’s largest steel maker, has also struggled, missing quarterly forecasts and citing Europe as a concern.