Thyssenkrupp will cut Another 5,000 Jobs

German giant Thyssenkrupp announced on Thursday morning it will cut another 5,000 jobs to stem losses across its conglomerate, after posting a $1.9 billion operating loss in its latest financial year.

German giant Thyssenkrupp announced on Thursday morning it will cut another 5,000 jobs to stem losses across its conglomerate, after posting a $1.9 billion operating loss in its latest financial year.

In a statement, Thyssenkrupp’s CEO Martina Merz said that despite closing the sale of its levators business for over $18 billion to help fund restructuring and cut debt, the conglomerate remains in crisis and more “painful” restructuring will be needed to stop burning cash.

Merz also said that the company expects to make a decision about what to do with its struggling steelmaking business in the spring of 2021, after the division swung to a loss of almost $2 billion because of the COVID-19 and the lockdown measures imposed in numerous nations around the world to contain its spread.

“We’re not yet where we need to be. The next steps could be more painful than the previous ones. But we will have to take them. Our key message to the capital market is this: (we will) stop the bleeding,” Merz said.


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