Thyssenkrupp steel board to meet next week with overhaul coming - Reuters [Seeking Alpha]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Seeking Alpha
resulting in substantial capacity and job reductions at the unit, Reuters reported Wednesday. The supervisory board of Thyssenkrupp Steel Europe ( OTCPK:TYEKF OTCPK:TKAMY ) is scheduled to meet on April 11 to discuss the strategy, according to the report. The review is expected to form the basis for talks with powerful labor unions, which have half of the supervisory board seats. The plan could create a path for thousands of job cuts at the business, and capacity could be reduced by shutting down some of Thyssenkrupp's ( OTCPK:TYEKF OTCPK:TKAMY ) blast furnaces, but it is not yet clear whether any forced layoffs will be proposed and no final decisions have been taken, the report said. The planned overhaul comes in response to continuing weakness in the auto sector, Thyssenkrupp's ( OTCPK:TYEKF OTCPK:TKAMY ) biggest client group. Recommended For You More Trending News Recommended For You More Trending News Related Stocks In The News Trending Analysis Trending Ne
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