German steelmaker and engineering company ThyssenKrupp AG, which specializes in steel production, capital goods and services, is revising its restructuring plans to reflect a worsening of the economic outlook since March, the group confirmed on April 28.
According to the new restructuring plan, the group's target is to save up to €500 million in addition to the €1 billion in cost cuts planned for the current fiscal year, ending September 30.
Under the plan, eight business areas will be steered directly by ThyssenKrupp AG, eliminating separate holding companies within the group. The identified business areas are steel Europe, steel Americas, stainless global, materials services, elevator technology, plant technology, components business, and marine systems.
"The move allows for more internal and external transparency and better, more rapid decisions," ThyssenKrupp said in a statement.
A more detailed plan will be presented to the supervisory board on May 13. Talks with employee representatives about the restructuring plan are underway. As SteelOrbis previously reported, the supervisory board had agreed on an initial plan on March 27.