Shares of the German conglomerate Thyssenkrupp dropped sharply by 5.7% after the company downgraded its annual sales and net profit forecasts for the second time in three months. The decrease was caused by falling demand and prices in its steel division and losses due to impairments in its materials trading division.
Thyssenkrupp shares were 5.7% lower in Wednesday morning trading following the forecast downgrade.

The latest share price of the company, standing at 7.25 euros per share, reflects the significant challenges faced by the German industrial giant, currently valued by the market at approximately 8 billion euros. The company had already lowered its forecasts when it published first-quarter results in February.
Thyssenkrupp is facing hurdles on its path to financial recovery. Just a few days ago, the company announced that it is negotiating with Brussels to tighten import conditions to support the local steel industry.