Thyssenkrupp to Eliminate Up to 2,500 Staff to Reduce Costs
- Company aims to cut 400 million euros in admin costs by 2020
- Steelmaker’s shares jump to highest level in almost six years
Operations At ThyssenKrupp AG's Steel Plant As Chinese Steel Exports Impact Profits
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Thyssenkrupp AG will cut as many as 2,500 office workers as Germany’s biggest steelmaker expands efforts to reduce costs and boost profit.
Administrative costs of 2.4 billion euros ($2.7 billion) are “clearly too high” and will be lowered by 400 million euros by September 2020, the company said in a statement on Tuesday. That will result in the loss of 2,000 to 2,500 of the business’s 18,000 office workers over the next three years, with about half going from Germany.