Hard times
October 18, 2009
The hard times for Germany's industrial sector continue as steel manufacturer ThyssenKrupp announces another wave of job cuts for the fiscal year 2009/2010.
In the previous fiscal year, which ended in September, ThyssenKrupp already reduced its workforce by 12,000 people in Germany and around Europe. Now, several thousand more positions are at risk.
"Through disinvestments and restructuring, the company's personnel will in the next fiscal year be reduced again by 15,000 to 20,000 positions," the company's chief Ekkehard Schulz told the Germany daily Frankfurter Allgemeine Zeitung.
The newspaper report states that most of the job cuts will come from the sale of certain branches of the company, but as many as 2,500 administrative jobs could be lost in Germany and other countries.
mz/dpa/Reuters/AFP
Editor: Andreas Illmer