Thyssenkrupp was already undergoing a difficult restructuring process and had cut 6,000 jobs last year. The coronavirus pandemic had been “a massive stress test” for the company, said group boss Martina Merz.

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Thyssenkrupp plans further job cuts of 5,000, steel sector at risk

The German steel company Thyssenkrupp said on Thursday that it would cut another 5,000 jobs because the coronavirus pandemic had severely affected the company. The Thyssenkrupp group had already had to fight the epidemic in Germany.

The company, which employs more than 100,000 people, said that the new round of layoffs would take place within the next three years.

The announcement came after the reduction of about 6,000 jobs last year. The job cuts now affect a total of 11,000 jobs, of which 3,600 have already been cut.

The Thyssenkrupp stock, which lost almost 60% of its value in the course of the year, lost almost 4% in early trading of European shares.


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