FRANKFURT: Thyssenkrupp AG will cut almost twice as many jobs as planned as the conglomerate’s beleaguered steel business hemorrhages cash and Germany’s government bickers over a possible rescue.
The company will eliminate a total of 11,000 positions over the course of several years, according to a statement yesterday. It’s forecasting a more than €1bil (US$1.2bil) full-year net loss after registering a €5.5bil deficit for the fiscal period that ended in September.
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