UPDATE 2-Thyssenkrupp to cut 3,000 jobs at struggling steel unit [Reuters]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Reuters
Thyssenkrupp to cut 3,000 jobs at struggling steel unit FRANKFURT/DUESSELDORF, Germany (Reuters) - German conglomerate Thyssenkrupp ( TKAG.DE ) will cut 3,000 jobs and invest 4.2 billion euros ($4.6 billion) at its struggling steel division by 2026 as part of a wage deal struck with powerful labor union IG Metall, it said on Wednesday. The measures, which follow a landmark deal to sell the group’s prized elevator division, are aimed at making Thyssenkrupp’s steel production business competitive once more against rivals including ArcelorMittal ( MT.AS ) and Voestalpine ( VOES.VI ). The steel business, the second-biggest in Europe by sales, is reeling from weakening demand, cheap Chinese imports and a botched attempt to merge it with the European division of Tata Steel ( TISC.NS ), a deal blocked by Brussels on antitrust concerns. “We have put off problems for too long and shied away from tough decisions,” said Klaus Keysberg, Thyssenkrupp’s board member in charge of steel. “The
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