Thyssenkrupp steel Europe announces severe staff cuts amidst crisis

- Our business needs to become more profitable, - says Dennis Grimm, a member of the board of ThyssenKrupp Steel Europe, in an interview with the newspaper "Westdeutsche Allgemeine Zeitung." He also announces staff reductions.

27,000 employees of the company must prepare for deep cuts, according to a Reuters report on Grimm's announcement.

- Severe cuts are necessary, - says Grimm in an interview with "WAZ." - He adds that the market situation has deteriorated again in recent months. Unfortunately, there is no indication that it will improve.

Reuters reminds us that ThyssenKrupp Steel Europe is trying to recover after a conflict with its parent company regarding ownership structure. It is also preparing a new business plan.

- It's hard to say now how many people we will employ when the plan is finalized. But this number will be smaller than it is now, - announces Grimm.

ThyssenKrupp Steel Europe is based in Duisburg, Germany. It is part of the large conglomerate ThyssenKrupp, which employs over one hundred thousand people worldwide and has a history dating back to the late 19th century.