Thyssenkrupp Plans to Cut Jobs, Slash Steel Capacity in Overhaul [BNN Bloomberg (Canada)]
The Carlyle Group Inc. (CG)
Last the carlyle group inc. earnings: 4/30 06:40 am
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Source: BNN Bloomberg
Steelmaking capability will shrink by as much as 22% to as low as 9 million tons, the German industrial company said late Thursday, after executives and supervisory board members discussed a strategic review to help put an end to years of losses for the unit. Lower capacity will lead to job losses at Thyssenkrupp's biggest steel plant in Duisburg, the company said, stopping short of providing details on the cuts. Reuters earlier this week reported that thousands of jobs could be affected. Once a flagship of Germany's industrial strength, Thyssenkrupp's steel unit has dragged on the company's overall earnings for years, burdened by high investment requirements and low steel prices. The unit has repeatedly failed to break even despite a number of writedowns on its value. High energy costs in Germany, exacerbated by climate investments, and pressure from Asian steel imports are driving the overhaul, according to a statement. The company will now seek talks with powerful labor unio
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