Thyssenkrupp cuts further 5,000 jobs to stave off coronavirus hit

Key Points
  • Job cuts come on top of 6,000 announced in 2019.
  • Adjusted operating loss to narrow in 2020/21.

In this article

Coils of steel stand on trains in front of the ThyssenKrupp steel mill on March 5, 2018 in Duisburg, Germany.
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Ailing conglomerate Thyssenkrupp said on Thursday it would need to cut a further 5,000 jobs to ease the impact of the coronavirus crisis on its businesses.

"We're not yet where we need to be. The next steps could be more painful than the previous ones. But we will have to take them," Chief Executive Martina Merz said in a statement.

This brings total job cuts to 11,000, a third of which have already been under a previous program.

The conglomerate, whose steelmaking roots go back more than 200 years, is struggling to emerge from the Covid-19 pandemic that hit it during a cool down of the global economy.

Thyssenkrupp said it expects its adjusted operating loss to narrow to a mid triple digit million euro range in the fiscal year to September, compared with 1.6 billion euros ($1.9 billion) in 2019/20.