ThyssenKrupp Americas plants overrunning costs

ThyssenKrupp has warned that startup costs at its new steel plants in Brazil and the United States would be several hundred million euros more than expected.

Germany’s biggest steelmaker blamed rising raw material costs and environmental issues.

It said the “higher financial requirements” of the Brazil and US plants meant its net debt had risen 3.7 billion euros by the end of last year from the year before.

It also revised upward its forecast operating loss for the Steel Americas business unit to a high three-digit million euros range for the year to the end of September.

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