Thyssenkrupp to slash 40% of steel jobs in latest blow to German industry

Quick Summary:

The steelmaker said EP Group was supportive of the restructuring plans.

The declining European car market — where demand in the past five years has shrunk by roughly 2mn vehicles — has hit steelmakers alongside other automotive suppliers.

In a string of writedowns over the past two years, the most recent of which came this month, Thyssenkrupp has cut the value of its steel unit by €3bn.

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Article Details

Author / Journalist: Patricia Nilsson

Category: MarketsFinanceInvesting

Markets: United StatesGermany

Topics: Financial Industry Cent Years Thyssenkrupp Plans Slash German Steel Steelmaker Europe

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-25 @ 16:08:36 (10 hours ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 477 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 30 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 23838176

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