November 22, 2008

ThyssenKrupp drops to 4 month low on price concerns

Bloomberg reported that ThyssenKrupp AG dropped to the lowest in more than four months in Frankfurt trading on concern a slowing global economy will depress demand for steel and put pressure on earnings.

As per report ThyssenKrupp fell as much as 4.9% to EUR 33.42 the lowest since February 15.

Mr Lars Hettche an analyst at Bankhaus Metzler in Frankfurt said that “Many analysts see the demand for steel in the United States weakening. Also other steel companies could be affected and it could limit their scope to pass on higher raw material costs.