Thyssenkrupp to Cut 5,000 More Jobs After Slumping to €5.5 Billion Loss

Thyssenkrupp, the ailing German steel and materials group, plunged to a full-year loss of €5.5bn and said it would cut 5,000 more jobs, as the pandemic increased pressure on the former conglomerate to speed up the sale of underperforming businesses, the Financial Times reported. The Essen-based company, which still employs more than 100,000 people, also warned that it expected a further loss of at least €1bn this financial year, as its restructuring costs spiral. Unable to escape a steady decline over the past decade, Thyssenkrupp sold its lucrative elevators business to a private equity consortium for €17bn in February, to help it pay down billions of euros in debt and fund huge pension liabilities. Read more

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