German industrial giant Thyssenkrupp announced on Tuesday that it has written down the value of its struggling steel division by 1 billion euros (about 1.06 billion dollars) due to dim expectations of 'volume' in the industry and facing structural challenges.

The company stated that in the fiscal year ending on September 30, the net loss after deducting minority interests was 1.5 billion euros, mainly due to total asset impairment of around 1.2 billion euros, with 1 billion euros borne by its European steel division.

Thyssenkrupp CEO Miguel Lopez stated in Tuesday's announcement: 'In terms of our main global strategy issues, this fiscal year will be a decisive year, especially for the European steel division and marine systems division.'

'At the same time, we are seeking to further improve the performance of all our businesses and better capitalize on the opportunities brought by green transformation.'