Thyssenkrupp to axe 11,000 people as steel woes worsen
The German group almost doubles the number of positions it plans to eliminate after recording a €5.5bn net loss for the year to end-September
19 November 2020 - 17:50
Thyssenkrupp will cut 11,000 jobs, roughly 10% of its workforce, as the conglomerate’s beleaguered steel business haemorrhages 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 €5.5bn net loss for the year that ended in September. The company forecast another more than €1bn deficit for the current period in a statement Thursday...
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