Cuts part of drive to save company $675 million.
February 8, 2013
by The Canadian Press
BERLIN—German steelmaker ThyssenKrupp will slash at least 2,000 jobs by 2015 as part of a cost-saving drive as the company copes with high commodity costs and the struggling European economy.
Essen-based ThyssenKrupp Steel Europe says a further 1,800 jobs may be lost as it sells parts of the company.
ThyssenKrupp said that the cuts are part of an “optimization program” that will save the company some $675 million.
The steelmaker has struggled with high raw material and energy prices, and the economic slump in Europe. Russia’s accession to the World Trade Organization, resulting in lower tariffs for Russian steel exports, also is likely to affect ThyssenKrupp’s fortunes.
©The Canadian Press