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ThyssenKrupp Cuts European Steel Operations
German steelmaker ThyssenKrupp has announced thousands of layoffs in its European steel operations as it considers ways to reduce costs by around US$2.7 billion over the next three years. The company said it would cut about 3,800 jobs, as well as shutter some plants.
“Steel Europe is holding up very well compared with competitors, but in the past fiscal year achieved adjusted earnings before interest and taxes margin of only 2.2 percent,” ThyssenKrupp said in a statement to the press.
High raw material and energy prices, costs for carbon emission certificates as well as Russia’s accession to the World Trade Organization have reduced earnings for European steelmakers, including ThyssenKrupp.
The company attributed its December 2012 net loss of US$6.3 billion to write-downs on new steel plants in Brazil and the U.S, which it plans to sell by the end of September. However, ThyssenKrupp has not said it plans to sell its steel operations in Europe.