October 17, 2009 / 2:56 PM / 10 years ago

ThyssenKrupp CEO sees thousands more jobs cut-paper

FRANKFURT, Oct 17 (Reuters) - German industrial group ThyssenKrupp (TKAG.DE) will 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, its chief executive was quoted as saying.

“Group employment will shrink by another 15,000 to 20,000 people in the new fiscal year via divestments and restructuring,” Ekkehard Schulz told the Frankfurter Allgemeine Zeitung in an interview published on Saturday.

Around 2,000 to 2,500 of the group’s 18,000 administrative jobs were set to go in the fiscal year that started this month, he added.

Germany’s largest steelmaker began its last fiscal year with 198,000 staff but has been chopping jobs to address the sharp economic slowdown.

Schulz said output by European steelmakers should one day return to levels of the boom year of 2007, but it was unclear when and that it could take until 2013 or 2014.

“Then there would be overcapacity until at least 2012,” he was quoted as saying. (Reporting by Michael Shields; Editing by Toby Chopra)

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