Elevators, steelmaker ThyssenKrupp announces job cuts
Baku, May 16 (AZERTAC). Germany`s ThyssenKrupp said it will cut 3,000 jobs in administration as the steelmaker reported a bigger loss for the second quarter owing to a large write-down on a network of steel plants in the Americas.
The company intends to cut 3,000 of its 15,000 office jobs worldwide over the next three years in order to make its business structure more efficient and transparent. It will work with employee representatives and avoid involuntary layoffs.
ThyssenKrupp already announced more than 2,000 job cuts in its European steel operations earlier this year.
Germany`s biggest steelmaker reported a net loss of €656m ($852m, £557m) in the second quarter, wider than the €587m loss recorded a year ago. The company said its results suffered from a €683m write-down of its steel plants in the US and Brazil, which it is trying to sell.
Despite its expense of about €12bn on the Brazil and the US steel plants over a decade, the facilities ran up big losses due to higher costs and foreign exchange movements. It is selling the plants in line with a plan to reduce the number of business units to five from eight while expanding non-steel operations.
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