Thyssenkrupp Slashes Another 5,000 Jobs to ‘Stop the Bleeding’

Thyssenkrupp Slashes Another 5,000 Jobs to ‘Stop the Bleeding’
The logo of Thyssenkrupp is seen near elevators in its headquarters in Essen, Germany, Nov. 21, 2019. Leon Kuegeler/Reuters
Reuters
Updated:

German conglomerate Thyssenkrupp plans to cut another 5,000 jobs to stem losses across its sprawling empire, it said on Thursday, after reporting its operations were 1.6 billion euro ($1.9 billion) in the red in the latest financial year.

Despite closing the sale of its elevators business in July for more than 17 billion euros to help fund restructuring and cut debt, the group remains in crisis and CEO Martina Merz said more painful restructuring will be needed to stop burning cash.