Thyssenkrupp Presents ‘Complex' Turnaround Plan for Steel

Ailing conglomerate Thyssenkrupp has worked out a new strategy for the group’s steel business, a leading labor representative said on Tuesday, adding the roadmap included significant investments but also restructuring steps, Reuters reported. The strategy paper was presented to the supervisory board of Thyssenkrupp Steel Europe on Tuesday, following labor protests at the division’s headquarters in Duisburg, in the heart of the Ruhr area, Germany’s industrial heartland. The unit’s future hangs in the balance after a deal to combine it with the European division of Tata Steel collapsed earlier this year, forcing management to announce the reduction of 2,000 out of the unit’s total 27,000 jobs. Read more

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