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GER - Downsizing deals - ThyssenKrupp plans more job cuts

Reuters reported that German steel and industrial conglomerate ThyssenKrupp plans to cut 4,000 jobs and introduce a leaner management structure.

The new measures, which the newspaper said would be presented at a group executive board meeting, are more far reaching than the restructuring steps unveiled by CEO Mr Ekkehard Schulz on March 27th 2009.

ThyssenKrupp's five independent business units would be merged into the parent holding company, reducing the influence of those units' executives and labor union representatives, which under German law have a say in the management of such companies.

Schulz's end March plan envisaged merging the five segments of steel, stainless, technologies, elevator and services into 2 divisions in a move that would cut annual costs by up to EUR 500 million.

Earlier last month, ThyssenKrupp, Germany's biggest steelmaker, said it could post a net loss this fiscal year as the global economic downturn dents demand for capital goods like cars and ships.

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