thyssenkrupp’s steel unit is striving toward a return to profitability during its fiscal year 2021-2022, the foundation of which will be sustained recovery following the COVID-19 pandemic.
In order to attain the goal it set out for its fiscal, which begins Oct 1, 2021, a spokesperson said the company has a difficult task ahead, and the outcome is contingent on the automotive industry’s maintaining its convalescence. However, in the interim, thyssenkrupp is making organizational changes by cutting costs and jobs.
Following the company’s recent statements on its steel business’s operating loss for the first three quarters of this fiscal year (ended Sep 30, 2020), comprising about €700mn ($823mn), the firm now projects its steel production might barely surpass 9mn mt this year. That level indicates a decline from its latest yearly average of over 11mn mt, according the media reports.
Moreover, approximately 15,000 employees out of thyssenkrupp’s entire workforce of 27,000 employees have been affected by shortened hours, although they’re supported by the government, which is and expected last through the rest of 2020.
($1 = €.85)