FRANKFURT Feb 6 German steelmaker ThyssenKrupp has launched a programme to slim its organisational structure as it tries to cut costs to cope with a slump in demand.
Under the programme, dubbed Achieve Change at ThyssenKrupp (ACT), a new structure will take effect on Oct. 1, the company said on Wednesday.
German daily Die Welt had reported an internal memo as saying Thyssen planned to reduce the number of central corporate functions to 13 from 20 as part of ACT, among other by combining departments overseeing personnel, health and safety.
"Together with the business areas, the corporate functions and the regions, the future responsibilities and processes will now be worked out in detail," ThyssenKrupp said.
The move comes as ThyssenKrupp overhauls its business by cutting its dependence on the volatile steel sector, slimming its cost base. It is also seeking a fresh start after scandals cost half its top managers their jobs last year.
Thyssen will publish fiscal first-quarter results on Feb. 12. (Reporting by Maria Sheahan)