Thyssenkrupp Plans to Cut Jobs, Slash Steel Capacity in Overhaul [Financial Post (Toronto, Ontario, Canada)]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Thyssenkrupp AG plans substantial job cuts alongside a reduction in steelmaking capacity as the company struggles to make progress in turning around the business. 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. Article content 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. Article content 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 requi
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