Thyssenkrupp says less short-time work at steel unit, but crisis not over
2020-10-23 11:38:03 [Print]
Thyssenkrupp's steel unit, which Britain's Liberty Steel wants to buy, has cut reliance on shortened working hours, a spokesman said on Thursday, adding that alone was not yet a sign of a sustainable demand recovery.
"The economic collapse caused by COVID-19 is not over yet, even though some markets show signs of recovery. How sustainable these trends are is currently unforeseeable," the spokesman said.
Thyssenkrupp, Europe's second-largest steelmaker, continues to rely on the instrument of shortened working hours but could reduce it by about a quarter compared to the summer months, he added.
The group will review the situation by the end of the year to decide whether it will still need short-time work in 2021.
"The economic collapse caused by COVID-19 is not over yet, even though some markets show signs of recovery. How sustainable these trends are is currently unforeseeable," the spokesman said.
Thyssenkrupp, Europe's second-largest steelmaker, continues to rely on the instrument of shortened working hours but could reduce it by about a quarter compared to the summer months, he added.
The group will review the situation by the end of the year to decide whether it will still need short-time work in 2021.
