Thyssenkrupp Shutters Electrical Steel Plants, Warns of Potential Job Losses [Yahoo! Finance]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Yahoo! Finance
The German industrial company's steel arm said Thursday that from mid-December plants in Gelsenkirchen in Germany and Isbergues in France would be closed until the end of the year. Its Isbergues site will then operate at 50% of its total capacity for at least four months beginning in January. Fed Chair Jerome Powell Says U.S. May Be Drastically Overstating Jobs Numbers Fed's Fractured Vote Signals Trouble Ahead for Future Rate Cuts For Trump, the Warner Megadeal Talks Are All About CNN Fed Cuts Rates Again, Signals It May Be Done for Now Oracle Shares Tumble as AI Spending Outruns Returns Thyssenkrupp Electrical Steel said up to 1,200 jobs in Germany and France are at risk if greater protections for European-produced steel aren't put in place. The move to reduce operations comes as Europe's steel producers are being squeezed by cheap imports, especially from China, as well as by high energy costs and President Trump's trade tariffs on exports to the U.S. Thyssenkrupp
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