German industrial giant and steelmaker Thyssenkrupp said Thursday it narrowed its losses in the first quarter but cut its 2025 outlook and warned of “uncertainty” amid growing global trade friction.
The group posted a net loss of 51 million euros ($53 million), compared to a loss of 314 million euros the same time last year, it said in a statement.
Group sales fell to 7.8 billion euros from 8.2 billion euros year-on-year.
“Despite the challenging market environment, we improved our performance in the first quarter,” chief financial officer Jens Schulte said, adding that “structural measures to improve efficiency and reduce costs are delivering initial successes.”
Lower raw material and energy costs also boosted profit at its Steel Europe business even as sales fell at the division.
In November, Thyssenkrupp said that it planned to cut around 5,000 jobs at Steel Europe and outsource a further 6,000 by 2030 out of 27,000 employed overall.
The division, Germany’s biggest steelmaker, has been struggling with high production costs and fierce competition from cheaper Asian rivals.
Thyssenkrupp is trying to make the business fit for a spin-off, getting it off its books.
For 2025 Thyssenkrupp said it now expects sales to either flatline or fall by up to three percent, after having previously expected growth of between zero and three percent.
“Thyssenkrupp expects the market environment to remain challenging overall, dominated by uncertainty about future global economic growth,” it said in a statement.
US President Donald Trump this week announced 25-percent tariffs on steel and aluminium from March 12, and has also threatened to hit Europe specifically with fresh duties.