ThyssenKrupp To Cut 2,000 Jobs In Cost-Saving Drive
BERLIN (AP) — German steelmaker ThyssenKrupp says it 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 jocbs may be lost as it sells parts of the company.
ThyssenKrupp said Friday that the cuts are part of an "optimization program" that will save the company some €500 million ($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.
Shares of parent company ThyssenKrupp AG were down 0.2 percent at €17.40 ($23.57) on the Frankfurt stock exchange.