Dennis Grimm, the new head of ThyssenKrupp’s steel division, announced tougher cuts than previously planned. “The current market situation has deteriorated again in the past few months, and unfortunately there is no recovery on the horizon,” Grimm told “WAZ” (Saturday). Germany’s largest steel company must react to this. So the cuts could be deeper than previously planned.
Thyssenkrupp’s steel division employs 27,000 people
A new business plan is currently being developed, Grimm said. Grimm left it open how many jobs would be lost. “We cannot yet say exactly how many people we will employ after finalizing the business plan and completing negotiations with employee representatives. But there will be fewer than today,” said the spokesman for the new board of directors.
Thyssenkrupp’s steel division is the largest steel producer in Germany. 27,000 people work there, 13,000 of whom work in Duisburg alone. The department has long suffered from economic downturn and cheap imports. This is one of the reasons why it has to reduce capacity.
