ThyssenKrupp cutting more jobs than expected

ThyssenKrupp cutting more jobs than expected
Photo: DPA
German industrial conglomerate ThyssenKrupp plans to cut another 3,000 jobs - more than previously expected, the Financial Times reported on Friday.

The paper sited inside sources for the layoff report. The firm will shed some 1.5 percent of the company’s some 200,000 employees worldwide, making it the “first big German industrial company to slash thousands of permanent jobs because of the global recession,” the paper said.

Workers in the company’s steel, automotive and shipbuilding branches will lose their jobs, the paper said, adding that the unprecedent downturn around the world had caused a major drop in demand for steel.

On Thursday, ThyssenKrupp announced a drastic structural streamlining initiative and “a few hundred” layoffs, in addition to already firing thousands and putting many workers on part-time schedules.