Business Standard

ThyssenKrupp to slash 11,000 jobs after recording $6.5 bn net loss

Sees another billion-euro deficit after 5.5-bn euro loss

ThyssenKrupp
Premium

he company forecast another more than 1 billion euro deficit for the current period in a statement Thursday.

William Wilkes | Bloomberg
ThyssenKrupp will cut 11,000 jobs, roughly 10 per cent of its workforce, as the conglomerate’s beleaguered steel business hemorrhages cash and Germany’s government bickers over a possible rescue.

The steel and materials group almost doubled the number of positions it plans to eliminate after recording a 5.5-billion euro ($6.5 billion) net loss for the year that ended in September.

The company forecast another more than 1 billion euro deficit for the current period in a statement Thursday.

“We will have to move further into the ‘red zone’ before we have made Thyssenkrupp fit for the future,” Chief Executive Officer Martina Merz said. “The

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Nov 20 2020 | 12:44 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com