It was clear that Germany’s largest steel producer is facing massive changes. But things get even worse, says the new board spokesman.
Dennis Grimm, new head of the steel division at Thyssenkrupp, announces tougher cuts than previously planned. “The current market situation has deteriorated again in the past few months, and unfortunately there is no recovery in sight,” Grimm told “WAZ” (Saturday). Germany’s largest steel company must react to this. The cuts could therefore be deeper than previously planned.
A new business plan is currently being developed, said Grimm. Grimm left it open how many jobs would be lost. “We cannot yet quantify exactly how many people we will employ after the completion of the business plan and the negotiations with the employee representatives. But there will be fewer than today,” said the new board spokesman.
The Thyssenkrupp steel division is Germany’s largest steel producer. 27,000 people are employed there, 13,000 of whom work in Duisburg alone. The division has long been suffering from the economic downturn and cheap imports. This is one of the reasons why it has to reduce capacity.
Source: Stern
