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 divisi
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