German ThyssenKrupp dismiss up to 20 thousand employees

ThyssenKrupp-largest steel company in Germany will dismiss up to 20 thousand employees in the current fiscal year, said CEO Ekkehard Schulz, reports Reuters.

The number of employees had already dropped by 15-20 thousand people in the new fiscal year in the sale of assets and restructuring, - said Schultz. He added that the 18 thousand administrative positions will be reduced 2-2,5 thousand in the fiscal year beginning in October. According to E. Schultz, the volume produced by European steelmakers at some point return to the peak level in 2007, but this can only happen in 2013 or 2014

worth noting that in the beginning of the last fiscal year, ThyssenKrupp employed 198 thousand employees, but the company had layoffs due to a deep recession.

It is reported that ThyssenKrupp net loss for the 9 months of the fiscal year 2008-2009 ended 30 June 2009 amounted to 829 million euros, while forthe same period a year earlier the company gained a net profit of 1.55 billion euros. This net loss for the ThyssenKrupp Quarter III FY 2008-2009 amounted to 630 million euros, while for the same period a year earlier the company received a net profit of 613 million euros.

ThyssenKrupp AG is one of Europe's largest steel companies. Concern has arisen as a result of the merger Thyssen AG and Friedrich Krupp AG Hoesch-Krupp in 1999, ThyssenKrupp is the world's largest producer of high-alloy steel, and machine tools. Concern has customers in more than 160 countries and subsidiaries or offices in more than 80 countries.

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