ThyssenKrupp Steel Europe to face severe cuts amid market woes

- Our business needs to become more profitable - says Dennis Grimm, a member of the board of ThyssenKrupp Steel Europe, in an interview with the newspaper "Westdeutsche Allgemeine Zeitung." And he announces staff reductions.

27,000 employees of the company must prepare for deep cuts - comments the announcement of Grimm by Reuters agency.

- Severe cuts are necessary - says Grimm in an interview with "WAZ." - The market situation has deteriorated again in recent months, and unfortunately, there is no indication that it will improve - he adds.

Reuters reminds us that ThyssenKrupp Steel Europe is trying to recover after a conflict with its parent company regarding ownership structure and is preparing a new business plan.

- It's hard to say now how many people we will employ when the plan is finalised. But this number will be smaller than it is now - announces Grimm.

ThyssenKrupp Steel Europe is a company based in Duisburg, Germany. It is part of the large conglomerate ThyssenKrupp from the steel industry, which employs over one hundred thousand people worldwide and whose history dates back to the end of the 19th century.