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The steel business of the German conglomerate Thyssenkrupp should prepare for a major reorganisation, which may include a reduction in production capacity and jobs. This was stated by Sigmar Gabriel, Chairman of the Supervisory Board of the steel division.
Thyssenkrupp Steel Europe, Germany’s largest steelmaker, is seeking to bring in Czech energy company EPH as a co-owner, but the process has been delayed due to lengthy negotiations with automotive customers.
Last week, representatives of Thyssenkrupp’s trade unions warned the German conglomerate’s management against cutting jobs or capacity as part of the expected sale of the steel division, which has been hit by high energy and raw material prices, weak demand, and cheap Asian imports.
The chairman of the supervisory board of the steel division told WAZ that the division’s management plans to present a concept for the future by mid-April this year. Thyssenkrupp lowered forecasts of sales and net profit in the 2023/2024 financial year, in particular due to falling sales in the steel and raw materials businesses.
One of the reasons for the decrease in the planned profit indicator is losses from the depreciation of fixed assets. In the first quarter (October-December 2023), the group wrote down its steel business by another €200 million.
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