The German heavy industry giant ThyssenKrupp announced on Wednesday that it plans to eliminate 3,000 administrative jobs across its branches worldwide, following unsuccessful investments in its steel business abroad.
– The total number of employees in administrative positions within our group will be reduced by about 3,000, from the current approximately 15,000 – ThyssenKrupp reported, which has already announced the elimination of more than 2,000 jobs in its European steel business this year.
ThyssenKrupp reported that due to significant write-downs on new steel mills in Brazil and the United States, it again operated at a loss in the second quarter. The group’s fiscal year runs from October to September.
In the period from January to March, ThyssenKrupp recorded a net loss of 89 million euros, following a modest profit of 29 million euros in the previous quarter. In the first three months of 2012, it operated with a net loss of 164 million euros.
The operational loss of the industrial giant, which produces not only steel but also elevators, submarines, and auto parts, as well as equipping industrial plants with technology, amounted to four million euros in the first three months of this year, compared to an operational profit of 305 million euros in the same period the previous year.
Revenues decreased by 10.7 percent year-on-year, to 9.102 billion euros, while the value of orders fell by 12.7 percent, to 9.676 billion euros.
