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Business

ThyssenKrupp to Shed a Thousand Jobs

German industrial group ThyssenKrupp said Wednesday it would cut 1,100 jobs in its steel division over the next three years. The group said that the positions would be cut in TK Steel by Sept. 2007 as part of a plan to reduce costs by 200-250 million euros ($242-302 million) per year. At the end of last year TK Steel employed about 50,000 people in Germany. For the 2002-2003 year, the company produced about 17 million tons of raw steel, making it one of Europe's largest steel manufacturers. The Düsseldorf-based group also said steelmaker Krupp Mannesmann, of which it owns 50 percent, would cut 461-571 jobs over the same period under a plan to shave costs by €100 million a year. Steel activities account for about one-third of ThyssenKrupp's overall profits.