Troubled times continue at Thyssenkrupp.

The German conglomerate has scrapped its dividend, it said on Thursday.

For the first time in six years.

A turnaround for the ailing giant: still elusive, according to new boss Martina Merz.

SOUNDBITE (German) MARTINA MERZ, CHAIR OF THYSSENKRUPP'S EXECUTIVE COMMITTEE:

"The group is in a difficult position, that's not something which we can gloss over. The current situation requires sober consideration, a thorough look at the facts and dealing with several different options. For that reason we're not able to announce a clear plan for the future of Thyssenkrupp today."

Merz took over from Guido Kerkhoff at the start of October.

He'd been at the helm for only 14 months ...

And struggled to halt Thyssen's decline.

Latest results show a five-fold increase in its full-year net loss - to 304 million euros.

The last 18 months have seen four profit warnings and two failed attempts to restructure.

SOUNDBITE (German) MARTINA MERZ, CHAIR OF THYSSENKRUPP'S EXECUTIVE COMMITTEE:

"We will address our performance, pushing forward with our elevator negotiations, giving the steel business a future and continuing to develop our organisation."

The sprawling conglomerate does everything from make steel to build industrial plants.

Hope for relieving pressure on its balance sheet centres on a sale of its prized elevators division.

That could raise 17 billion euros - and there are potential buyers, Thyssen said.

But in the meantime, the pressure on its share price ramps up: it lost ten per cent in morning trade.

Thyssen workers are next in the firing line: 6,000 job cuts are already planned.

And more still, a board member said, can't be ruled out.