Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland
Advertisement

ThyssenKrupp bins 3,000 admin jobs

Share this article

ThyssenKrupp bins 3,000 admin jobs
Photo: DPA
09:14 CEST+02:00
German heavy industry giant ThyssenKrupp said on Wednesday it plans to axe 3,000 administrative jobs worldwide as disastrous investments in steel operations overseas tore holes in its balance sheet in the second quarter.

"Overall the number of employees in administrative functions in the group worldwide is to be reduced by around 3,000 from its current level of around 15,000," said ThyssenKrupp, which already announced more than 2,000 job cuts in its European steel operations earlier this year.

ThyssenKrupp, which is trying to recover from a string of recent scandals, said that heavy writedowns on new steel mills in Brazil and the United States pushed it back into the red in the second quarter.

Click here for The Local's job page

The group, which runs its business year from October to September, booked a net loss of €89 million in the period from January to March, compared with a small profit of €29 million in the preceding three months.

On a year-on-year basis, ThyssenKrupp had booked net loss of €164 million in the second quarter a year earlier.

On an operating level, the industry giant – which alongside steel, also makes elevators, industrial plant technology, submarines and car parts – booked a loss of €4.0 million compared with profit of €305 million a year earlier.

Second-quarter revenues were down 10.7 percent at €9.102 billion and orders fell by 12.7 percent to €9.676 billion.

AFP/jcw

Europe's Leading Job Site for
International Talent - The Local Jobs
Get notified about breaking news on The Local

Share this article

Become a Member or sign-in to leave a comment.
Advertisement

From our sponsors

12 unexpected facts you probably didn't know about Iceland

Iceland has long been known as one of the most beautiful places in the world, but over the past few years it has also come to be viewed as a rather unusual hotbed of football talent. Here are 12 other things that you might not know about Iceland.

Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement