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Pressure mounts on Thyssenkrupp CEO after fourth profit warning

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Pressure mounts on Thyssenkrupp CEO after fourth profit warning

Pressure mounts on Thyssenkrupp CEO after fourth profit warning

Germany's Thyssenkrupp on Thursday issued its fourth profit warning under current boss Guido Kerkhoff, who faces mounting pressure to turn around the stricken conglomerate.

David Pollard reports.

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Pressure mounts on Thyssenkrupp CEO after fourth profit warning

Big isn't always beautiful.

Just ask Thyssenkrupp: the maker of everything from submarines to elevators, car parts to steel issued yet another profits warning on Thursday (August 8) - the fourth under its current CEO.

Earnings for this year: now forecast at 800 million euros, it says, or just short of 900 million dollars.

That's a downgrade of around a third on its previous forecast.

The news likely to turn up the spotlight on boss, Guido Kerkhoff.

He's faced mounting pressure to restructure the sprawling German conglomerate.

But a plan to hive off its steel division was scuppered in May - a similar plan for its capital goods unit has also failed.

One hope still is for an IPO of its prized elevators and lifts business.

At around 14 billion euros - it's valued at more than twice the group as a whole, and the proceeds would pay down debt.

Selling the unit is also under consideration, Kerkhoff disclosed on Thursday.

Sources tell Reuters several parties have expressed interest.

In the meantime, Thyssen's stock price is at lows not seen since 2003 ..

And - at under 11 euros, less than a quarter of its 2008 peak.

A company famous for its lifts is, it seems, in need of one itself.




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