German conglomerate Thyssenkrupp plans to cut another 5,000 jobs to stem losses across its sprawling empire, it said on Thursday, after reporting its operations were 1.6 billion euro ($1.9 billion) in the red in the latest financial year. Despite closing the sale of its elevators business in July for more than 17 billion euros to help fund restructuring and cut debt, the group remains in crisis and CEO Martina Merz said more painful restructuring will be needed to stop burning cash. The company said it expected to make a decision about what to do with its struggling steelmaking business in the spring of next year after the division swung to a loss of nearly a billion euros as the global slowdown from COVID-19 lockdowns hit demand. “We’re not yet where we need to be. The next steps could be more painful than the previous ones. But we will have to …
Thyssenkrupp Slashes Another 5,000 Jobs to ‘Stop the Bleeding’
