• Germany's news in English
 
Hundreds of great job opportunities for foreign professionals at Germany's top employers - in cooperation with Monster, Experteer, Stepstone, and CareerBuilder.
What
Where
3,174
jobs available
Find English-speaking professionals with The Local.
Advertise a vacancy
ThyssenKrupp to axe 2,000 European steel jobs
Photo: DPA

ThyssenKrupp to axe 2,000 European steel jobs

Published: 08 Feb 2013 11:05 CET

ThyssenKrupp said in a statement it would axe "more than 2,000 jobs" out a total workforce of 27,600 at its Steel Europe division in a €500-million ($671-million) cost-cutting drive.

"Overall, the workforce of Steel Europe will be cut by more than 2,000 from around 27,600 at present as part of an optimisation programme," the statement said.

"A further 1,800 jobs could be cut via possible divestments," it added.

The unit's administrative headquarters in Duisburg, western Germany, would

bear the brunt of the cuts, which management hoped would not entail any forced

redundancies.

Click here for The Local's job listings

Pending approval by the supervisory board and consultations with unions and labour representatives, they would be implemented by its 2014/2015 business year, the statement said.

ThyssenKrupp, which runs its business year from October to September, said the cuts were "a first step in improving the position of our European steel business in a difficult competitive environment."

They would contribute to a large group-wide programme to save as much as €2.0 billion across all of its activities by 2015. Alongside steel, ThyssenKrupp also makes elevators, industrial plant technology, submarines and car parts.

But it is the highly cyclical steel business which has been causing ThyssenKrupp the most headaches recently. The group ran up a year-end loss of €4.7 billion, largely as a result of massive writedowns on new steel mills in Brazil and the United States.

ThyssenKrupp is currently looking for a buyer for its US steel business and there has even been speculation that it might pull out of steel altogether. But chief executive Heinrich Hiesinger told shareholders at the group's annual meeting last months that there were no plans to sell its European steel operations.

The European steel industry "faces major challenges," ThyssenKrupp diagnosed.

"The steel market climate in Europe is worsening due among other things to high raw material and energy prices, trading in carbon emission certificates, Russia's accession to the World Trade Organization, and in particular economic uncertainties and sharply reduced consumption levels above all in southwest Europe," it said.

Investors appeared sceptical about the job cuts and ThyssenKrupp shares were showing a loss of 0.34 percent in a generally firmer market on the Frankfurt stock exchange.

AFP/mry

The Local (news@thelocal.de)


Don't miss...X
Left Right

Your comments about this article:

The comments below have not been moderated in advance and are not produced by The Local unless clearly stated. Readers are responsible for the content of their own comments. Comments that breach our terms and conditions will be removed.

ADD YOUR COMMENT   (YOU MUST LOG IN OR REGISTER TO MAKE A COMMENT)
Your German Career
What do German bosses need to do to get more out of their staff? Frankfurt-based business consultant Justin Bariso has this advice.
Germany's Federal Employment Agency has identified the job sectors the country is most short of workers for. JobTalk looks at where the vacancies lie.
Students at German universities have shown themselves to be a risk-free lot in a survey by Ernst & Young. The civil service is their most popular choice of future profession, while job security is valued above all else.
Jenny Core, originally from Bolton, England, shares her tips in this week’s My German Career on being an artist in Berlin. The 27-year-old exhibits her work regularly in the city, including next to a Turner Prize shortlister.
In this week's JobTalk, Tanya Schober, who is originally from India, talks us through her journey to German citizenship.
In this week's My German Career, Anupama Gopalakrishna, who is originally from Bangalore in India, tells The Local about her new life in Frankfurt.
German Employment News
In our weekly feature series, The Local chats with a successful entrepreneur. This week, Sparsh Sharma talks to Simon Schneider, CEO and co-founder of networking tool Zyncd.
In our ongoing feature series, The Local looks into a successful entrepreneur's life - the story behind their successes, major challenges and how being an entrepreneur changed them forever. This week, Sparsh Sharma talks to Mario Paladini, founder of Club GLOBALS, a 'community marketplace' for expats.
In our new feature series, The Local looks into a successful entrepreneur's life - the story behind their successes, major challenges and how being an entrepreneur changed them forever. This week, we meet Berlin resident Marc C. Lange, co-founder and CEO of Crowdflow UG.
The Federal Administrative Court on Wednesday has ruled that the state of Hesse overstepped its bounds when legislating more allowances for firms to operate, and thus force employees to work, on Sundays and bank holidays.
UPDATE: The grand coalition's freshly minted law mandating that 30 percent of executive positions must be filled by women is being hit with harsh criticisms from the firms who have to comply to it.
In our new feature series, The Local looks into a successful entrepreneur's life - the story behind their successes, major challenges and how being an entrepreneur changed them forever. This week, Sparsh Sharma talks to Lawrence Leuschner, founder of second-hand marketplace reBuy.

Journalist
In the decade since it was founded, The Local in Sweden has given people around the world an insight into one of Europe's most successful societies. We are now looking for a talented English-language journalist with an excellent command of Swedish to help us take the site to the next level
FULL JOB AD »

Friedrichshafen
Stepstone
Added 12/18/14

Lingen
Stepstone
Added 12/18/14

Berlin
Stepstone
Added 12/18/14

Gerlingen-Schillerhöhe
Stepstone
Added 12/18/14

9435 Heerbrugg
Stepstone
Added 12/18/14

Böblingen bei Stuttgart
Stepstone
Added 12/18/14

Niestetal bei Kassel
Stepstone
Added 12/18/14

Niestetal bei Kassel
Stepstone
Added 12/18/14

Schweinfurt
Stepstone
Added 12/18/14