German industrial giant Thyssenkrupp reported Tuesday a massive annual loss for the second year running, as it battles challenges including a crisis in its historic steel division.

Thyssenkrupp said its net loss of 1.5 billion euros in the fiscal year ending Sept. 30 — after deducting minority interest — was mainly due to asset impairments totaling around 1.2 billion euros. CEO Miguel Lopez said the current fiscal year will be one of "decisions" as the firm continues talks for its steel unit to form a joint venture with Czech billionaire Daniel Krentisky.

The industrial company posted a fourth-quarter net loss of €1 billion as earnings were hit by impairments, though the loss narrowed from the same period a year earlier.

Once a symbol of German industrial might, Thyssenkrupp's traditional steel business has suffered from high manufacturing costs, falling prices and fierce competition.