Steelmaker ThyssenKrupp issued a profit warning on Tuesday, cutting its full year operating earnings forecast by an average of 20 percent to €1.4 billion, or $1.6 billion. It also expected its net profit to remain at the level of its last fiscal year instead of a significant increase from last year.
As recently as last month, ThyssenKrupp had forecast an operating profit between €1.6 and €1.9 billion for its fiscal year 2015-16, which ends on October 31. The company made a net profit of €268 million in its 2014-15 fiscal year.
Shares of the Essen-based company fell as much as 5.6 percent in Frankfurt and were down 5 percent at €17.45 at 11.35 a.m. local time, touching a one-month low. The stock has dropped 26 percent over the past twelve months, compared with a 14.5-percent drop on the German blue-chip DAX Index.