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International Business Times
International Business Times
Business

Struggling Steel Giant Thyssenkrupp's Shares Slump After Profit Hit

ThyssenKrupp United States
Thyssenkrupp's steel business is undergoing a major overhaul (Credit: AFP)

Thyssenkrupp's shares slumped Thursday after it reported worse-than-expected earnings and its steel business took a fresh hit, in more bad news for the struggling German industrial titan.

The group said quarterly operating profits plunged about 90 percent from a year earlier to just 19 million euros ($21 million) -- far worse than analyst forecasts.

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