UPDATE 1-ThyssenKrupp plans 10,000 German job cuts-paper

Sat Oct 31, 2009 11:05am EDT
 
[-] Text [+]

(adds comment from company spokesman)

FRANKFURT, Oct 31 (Reuters) - Germany's biggest steelmaker ThyssenKrupp (TKAG.DE) plans to cut 10,000 jobs in Germany in its current fiscal year, weekly Der Spiegel said on Saturday, citing company sources. It said the job cuts were part of a major savings programme that would entail reductions of some 20,000 jobs worldwide.

A spokesman for the company said the figures are not new because ThyssenKrupp has already announced the sale of its unit Industrieservice as well as the restructuring of its two local shipyards.

He said Industrieservice has around 9,000 workers mostly in Germany while the two shipyards would affect some 3,500 workers.

The talks to sell its U.S. unit Safway continued, he said, adding it has around 5,000 workers.

ThyssenKrupp CEO Ekkehard Schulz told a German newspaper on Oct 17 that the company would shed as many as 20,000 more jobs in its current fiscal year as it cuts costs amid what could be a long economic slump. [ID:nLG396788]

In Thyssen's previous business year which ended on Sept 30, 2009, the company had approved plans for more than 1 billion euros in cost cuts, partly by revamping its structure to reduce its five divisions into two and cut 2,000 jobs at its steel division.

In January-September this year, it had cut around 12,000 jobs.

 

More News

ThyssenKrupp to pay dividend despite loss -paper
Monday, 26 Oct 2009 02:02pm EDT 
Market Chatter -- Corporate finance press digest
Monday, 19 Oct 2009 12:31am EDT 
ThyssenKrupp CEO sees thousands more jobs cut-paper
Saturday, 17 Oct 2009 10:55am EDT 
ThyssenKrupp shuns stainless tie-ups, delays plant
Friday, 4 Sep 2009 01:04pm EDT 

Editor's Choice

A selection of our best photos from the past 24 hours.  Slideshow 

Most Popular on Reuters

  • Articles
  • Video