Steelmaker ThyssenKrupp to cut 3,000 office jobs

Elevators, steelmaker ThyssenKrupp announces job cuts, writedown on US steel plants

Associated Press

FRANKFURT, Germany (AP) -- Steel and elevator maker ThyssenKrupp says it will cut 3,000 of its 15,000 office jobs over the next three years to streamline the company's administration.

The company says the move is part of an effort to make its business structure more efficient and transparent. The jobs will be eliminated over the next three years but the company says it plans to work with employee representatives and avoid involuntary layoffs.

The company said Wednesday it lost 656 million euros ($852 million) in the most recent quarter, its fiscal second, widening losses from 587 million euros a year ago. It took a large hit to earnings from a 683 million euro charge for the reduced value of its steel plants in the US and Brazil, which it is trying to sell.

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