Thyssenkrupp Steel Unit Aims to Triple Core Profit in Turnaround Push
11 Articles
11 Articles
Thyssenkrupp Steel informed that it intends to achieve greater profitability in the medium term, as it advances with restructuring measures and seeks to strengthen its competitiveness. Exclusive material for subscribers. To have full access, access the link of the material and register.
The management of the industrial group Thyssenkrupp wants to attract investors for its steel division. At a capital market day in London, the steel sector provided insights into restructuring plans and target figures.
In the European steel sector, high energy costs, weak demand, and pressure from cheap imports are forcing producers to downsize. Thyssenkrupp Steel, one of Germany's largest steel producers, announced that 4,000 of the approximately 11,000 job cuts it announced last year have been eliminated.
Thyssenkrupp Steel announced it has reduced 4,000 positions as part of its plan to downsize 11,000 people. The company aims to reduce its production capacity to 8.7-9 million tons and targets at least €1.2 billion in adjusted EBITDA and an 11% margin in the medium term.
High costs and low-cost steel burden the steel industry. Thyssenkrupp Steel relies on cost reductions, EU protection measures and the car industry.
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