Thyssenkrupp cuts sales, net profit outlook on weakening demand

FRANKFURT (Reuters) -Thyssenkrupp cut its annual sales and net profit forecasts on Wednesday, blaming softening demand and prices at its materials and steel divisions, in the latest sign of weakness in European industry. The company now expects to break even on a net profit basis in its 2023/24 fiscal year, having previously forecast a low-to-mid triple digit million euro profit. Analysts on average expect net profit of 472 million euros ($506 million), according to LSEG data.