ThyssenKrupp is reducing its steel production from 12.6 million tons to below 10 million tons, leading to a potential elimination of 5,000 jobs.
The company stated urgent measures are needed to improve productivity and operational efficiency, aiming for a competitive cost level amid economic struggles.
With a net loss of 1.4 billion euros, ThyssenKrupp's steel division was reduced in value by 1 billion euros, highlighting ongoing financial challenges.
Germany's economy has not seen significant growth for almost two years, and the outlook remains bleak with potential contraction forecasted for the year.
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