German conglomerate, Thyssenkrupp plans to slash 11,000 jobs in total in the upcoming several years according to a statement by it on Thursday after reporting a 5.5 billion-euro deficit for the period that ended in September.
The jobs cut will be twice as many jobs as expected last year as the company’s beleaguered steel business hemorrhages cash.
A statement made by the company on Thursday states that it sees another more than 1 billion euro deficit for the current period.
Chief Executive Officer Martina Merz said – “We will have to move further into the ‘red zone’ before we have made Thyssenkrupp fit for the future. The next steps could be more painful than the previous ones. But we will have to take them.”
Thyssenkrupp is an international group of companies comprising largely independent industrial and technology businesses. The company witnessed a 7.6 per cent fall of shares in Frankfurt trading and more than 60 per cent plunge in the stock since the start of the year.
–AK
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