Thyssen Krupp to transfer business to Outokumpu
Financial Times Deutschland cited unspecified sources as saying ThyssenKrupp, Germany’s biggest steelmaker, plans to transfer parts of its stainless steel business into an alliance with Finland’s Outokumpu.
ThyssenKrupp warned on Thursday it could post a net loss this fiscal year as the global economic downturn hits demand for capital goods such as cars and ships. The group also announced a restructuring that will trim its management board to five from eight.
This comes after the announcement that the German industrial conglomerate plans to cut more than 3,000 jobs or about 1.5 percent of its total staff amid a slump in demand.
The cutbacks will affect the group’s steel and car parts unit as well as its shipyards, according to people close to the situation.
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