German engineering and steel firm ThyssenKrupp said it will stick to its strategy for delivering sustainable profitability after tough trading conditions in its steel segment led it to report a €200mn ($213.8mn) fall in earnings before interest, taxes, depreciation and amortisation (ebitda) in 2016 to €1.5bn. Speaking at the company's annual general meeting last week, chief executive Heinrick Hiesinger said that its Duisburgbased Steel Europe business had faced "ruinous price competition" in the global steel market, caused primarily by high overcapacity in the Chinese steel industry.
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