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ThyssenKrupp to cut more than 3,000 jobs

Frankfurt, March 20, 2009

German industrial conglomerate ThyssenKrupp plans to cut more than 3,000 jobs or 1.5 percent of its total staff amid a slump in demand, the Financial Times reported on Friday.

The cutbacks will affect the group's steel and car parts unit as well as its shipyards, the newspaper cited people close to the situation as saying.

Separately, Financial Times Deutschland (FTD) said about 2,000 steel jobs, 1,000 ship building jobs and several hundred automotive jobs were slated to be cut, citing unspecified sources.

The cutback plans are due to be passed by the company's supervisory board on March 27, FTD added.

ThyssenKrupp, Germany's biggest steelmaker, also plans to transfer parts of its stainless steel business into an alliance with Finland's Outokumpu, FTD said, citing sources.

A ThyssenKrupp spokesman would not comment on the extent of job cuts or on the reported alliance. The group said in February that it was considering cutbacks at its steel unit.

Outokumpu declined to comment when contacted by Reuters. ThyssenKrupp warned on Thursday it could post a net loss this fiscal year as the global economic downturn hits demand for capital goods such as cars and ships, saying only it would cut "a few hundred" administrative jobs. - Reuters




Tags: Germany | ThyssenKrupp |

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