Thyssenkrupp has announced a significant impairment of 1 billion euros on its Steel Europe division, which has contributed to a net loss of 1.5 billion euros for the fiscal year ending September 30.

The company attributes this financial setback to "gloomy volume" expectations and ongoing structural challenges within the steel sector.

CEO Miguel Lopez highlights the importance of the current fiscal year for the company, particularly for its Steel Europe and Marine Systems divisions.

He also mentions efforts to improve performance across all business areas and take advantage of opportunities arising from the green transformation.

The firm"s total asset impairments amount to approximately 1.2 billion euros, highlighting the difficulties faced in the industrial landscape.