Thyssenkrupp second-quarter loss widens as coronavirus impact starts to show

FRANKFURT (Reuters) – Thyssenkrupp on Tuesday said its second-quarter net loss more than quintupled as the coronavirus pandemic hit all business lines at the struggling steel-to-submarines conglomerate.

The group posted a 948 million euro ($1.02 billion) net loss in the quarter to March and said that in the current quarter losses could reach up to 1 billion euros, as the group eagerly awaits a cash inflow from the sale of its elevator division.

(Reporting by Christoph Steitz; Editing by Michelle Martin)