Thyssenkrupp to cut additional jobs at steel division
2021-03-11 09:52:01 [Print]
Thyssenkrupp on Wednesday said it would cut a further 750 jobs at its steel division to soften the impact of the COVID-19 crisis, weeks after talks to sell the unit to Britain's Liberty Steel collapsed.
The latest cuts take the number of total layoffs to nearly 12,000 as the submarines-to-car parts conglomerate slowly emerges from years of crisis that have seen it sell its elevator division to ensure its survival.
"The agreement will help limit the financial losses caused by the COVID-19 pandemic," Thyssenkrupp Chief Financial Officer Klaus Keysberg said. "That is a prerequisite for ensuring a sustainable future for steel and a key element of a robust business case going forward."
After terminating sale talks with Liberty, Thyssenkrupp is now focusing on cutting costs at its steel unit, Europe's second-largest, to catch up with rivals, hoping to eventually list the business or merge it with a peer.
The latest cuts take the number of total layoffs to nearly 12,000 as the submarines-to-car parts conglomerate slowly emerges from years of crisis that have seen it sell its elevator division to ensure its survival.
"The agreement will help limit the financial losses caused by the COVID-19 pandemic," Thyssenkrupp Chief Financial Officer Klaus Keysberg said. "That is a prerequisite for ensuring a sustainable future for steel and a key element of a robust business case going forward."
After terminating sale talks with Liberty, Thyssenkrupp is now focusing on cutting costs at its steel unit, Europe's second-largest, to catch up with rivals, hoping to eventually list the business or merge it with a peer.
