Germany’s ThyssenKrupp slips into the red, steel business burdened

The German industrial group ThyssenKrupp started the year in the red, the company said on Wednesday. The company announced that renewed impairments on the steel business due to higher interest rates and the associated higher cost of capital were partly responsible. ThyssenKrupp reported a net loss of €314 million ($337 million), following a profit of €75 million in the previous year. Depreciation and amortization amounted to around €200 million. Falling prices and lower demand in the steel busin