German heavy industry giant ThyssenKrupp unveiled plans on Friday to axe more than seven percent of the workforce at its Steel Europe division to make the business more competitive.
ThyssenKrupp said in a statement it would axe “more than 2,000 jobs” out a total workforce of 27,600 at its Steel Europe division in a €500-million ($671-million) cost-cutting drive.
“Overall, the workforce of Steel Europe will be cut by more than 2,000 from around 27,600 at present as part of an optimisation programme,” the statement said.
“A further 1,800 jobs could be cut via possible divestments,” it added.
The unit’s administrative headquarters in Duisburg, western Germany, would bear the brunt of the cuts, which management hoped would not entail any forced redundancies.
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via ThyssenKrupp to axe 2,000 European steel jobs – The Local.
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