ThyssenKrupp plans to cut 2000 jobs at European steel business

German steel giant ThyssenKrupp has announced that it plans to save around €500 million by the 2014-15 financial year, by cutting 2,000 jobs at its European steel business.
 
The company pointed out that the steel market climate in Europe is worsening due to high raw material and energy prices, CO2 allowance trading, Russia's accession to the WTO, and in particular economic uncertainties and sharply reduced consumption levels above all in southwestern Europe.
 
According to ThyssenKrupp's statement, the job cuts will affect employees at coil coating line No. 1 in Duisburg-Beeckerwerth, one of the two electrolytic coating lines at the Dortmund plant, the cold rolling and coating plant in Neuwied, the grain-oriented electrical steel production facilities of ThyssenKrupp Electrical Steel, and the hot-dip galvanizing line of ThyssenKrupp Galmed in Spain.
 
The German steelmaker stated that structural adjustments will affect administration at the Duisburg headquarters, with a further reduction of 1,800 in the number of employees possible as a result.
 
The planned adjustments are subject to the approval of the boards and further discussions with the employee representatives.