By Christoph Steitz
FRANKFURT (Reuters) – Thyssenkrupp swung to a net loss in the third quarter on higher-than-expected costs for legacy projects in its plant engineering business, the company said on Wednesday, adding that it had also halted the sale of one of its units.
The company said it posted a net loss of 54 million euros ($59 million) for the April-June period, down from a profit of 83 million euros in the same period last year, also blaming restructuring expenses in its materials trading division.
Thyssenkrupp (ETR:) also said the sale process of its automation engineering business had been halted and that the company was now exploring deeper restructuring measures for the division’s powertrain business unit.
The news reflects the growing challenges facing the former German industrial icon, which was forced to cut its annual forecast for the third time last month and is now in the midst of a conflict-filled process to shed half of its shares in its steel division.
“Strongly conflicting market trends and one-off impacts offset the progress made in Thyssenkrupp’s transformation in the third quarter,” said Jens Schulte, the company’s chief financial officer.
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