Thyssenkrupp, the German industrial giant, reported a quarterly loss of 54 million euros ($59 million) from April to June, a significant drop compared to the 83 million euros profit recorded in the same period the previous year. The company attributed the loss to challenging market conditions and the ongoing struggles in restructuring its steel division. Sales also declined to nine billion euros during the quarter.

Jens Schulte, Thyssenkrupp's chief financial officer, noted that despite the group's efforts in transforming the company, negative market trends and one-time costs, especially those related to its operations in India, overshadowed these advancements. The steel division was particularly hard-hit, with its adjusted operating profit nearly halved to 100 million euros due to a weak economy and structural challenges.

The group maintained its downgraded outlook for the financial year, anticipating a decrease in annual sales by 6-8% and a reduction in operating profit to around 500 million euros.

Once a powerhouse of German industry, Thyssenkrupp has faced significant difficulties in recent years, especially in its steel business, which has been battered by falling prices and stiff competition from Asian manufacturers. The company has been attempting to separate its troubled steel unit, a process that has proven challenging. Although it sold a stake in this division to a group owned by Czech billionaire Daniel Kretinsky earlier this year, the supervisory board has yet to agree on a long-term financing plan for the steel business.

Additionally, Thyssenkrupp announced plans to cut jobs and reduce production at its major steel plant in Duisburg, although the specifics of the job losses have not been finalized.