ThyssenKrupp is to be the first big German industrial company to slash thousands of permanent jobs because of the global recession, it emerged on Thursday, as the country’s largest steelmaker struggles with a sharp downturn in demand.
The conglomerate plans to cut more than 3,000 jobs, or 1.5 per cent of its total workforce, in its steel and automotive production units and at its shipyards, people close to the situation told the Financial Times.
The cuts highlight the limits of German industrial groups’ attempts to thwart the most drastic downturn in decades by simply reducing working hours and slashing temporary workforces.
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