According to local reports, German steelmaker ThyssenKrupp will cut up to 20,000 more jobs in FY 2009-10 as the German steel industry struggles to weather the global recession, after already eliminating 12,000 positions in the previous fiscal year due to the financial crisis.
The reports have cited ThyssenKrupp CEO Ekkehard Schulz's statement made in an interview, "Through disinvestments and restructuring, the company's personnel will in the next fiscal year be reduced again by 15,000 to 20,000 positions."
Most of the job slashes will come from the sales departments of some branches of the group, but around 2,000 to 2,500 of the group's administrative jobs could also be eliminated in Germany and abroad, according to Mr. Schulz.
ThyssenKrupp started the previous fiscal year, which ended in September, with 198,000 staff, but reduced its workforce by 12,000 people in Germany and around Europe addressing the sharp economic slowdown. Now, several thousand more positions are at risk.
Schulz was quoted as saying that output by European steelmakers should one day return to levels of the boom year of 2007 but it was unclear when and that it could take until 2013 or 2014, adding, "Then there would be overcapacity until at least 2012."