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Thyssenkrupp steel head prepares personnel for 'difficult' cuts

Thyssenkrupp's. 27,000 steel workers must brace for deep cuts, the brand-new head of. the corporation's steel department informed a German newspaper,. setting the stage for significant layoffs.

Tough cuts are required. We have to become more. successful, Dennis Grimm, spokesperson for Thyssenkrupp Steel. Europe's (TKSE) executive board, informed Westdeutsche Allgemeine. Zeitung (WAZ) in an interview.

The current market situation has deteriorated again in. recent months, and unfortunately there is no healing in sight.

TKSE is emerging from a major clash with its parent over. funds that are required in a proposed 50:50 joint venture. structure with Czech billionaire Daniel Kretinsky, who already. owns a 20% stake in the steel organization.

Grimm stated that presently a brand-new business plan was being. established for TKSE and it was unclear the number of tasks could have. to go.

We can't yet put a specific figure on the number of people we will. utilize as soon as business strategy has been finalised and. settlements with the staff member representatives have been. completed, Grimm informed WAZ.

But it will be less than today..

(source: Reuters)