German heavy industry giant ThyssenKrupp said on Wednesday it plans to axe 3,000 administrative jobs worldwide as disastrous investments in steel operations overseas tore holes in its balance sheet in the second quarter.
“Overall the number of employees in administrative functions in the group worldwide is to be reduced by around 3,000 from its current level of around 15,000,” said ThyssenKrupp, which already announced more than 2,000 job cuts in its European steel operations earlier this year.
ThyssenKrupp, which is trying to recover from a string of recent scandals, said that heavy writedowns on new steel mills in Brazil and the United States pushed it back into the red in the second quarter.
The group, which runs its business year from October to September, booked a net loss of €89 million in the period from January to March, compared with a small profit of €29 million in the preceding three months.
Chosen excerpts by Job Market Monitor
via ThyssenKrupp bins 3,000 admin jobs – Jobs in Germany – The Local.
Job Market Monitor 
Discussion
No comments yet.