Thyssenkrupp severs stainless division

CEO of ThyssenKrupp, Heinrich Hiesinger, has announced that the company is splitting off its stainless division so that more of its sales fall to other divisions. As a result of the split, more than 35,000 workers will be let go. The main reason for splitting off the division comes as a result of overall debt, according to Hiesinger. The stainless steel division has been running at a loss over past few year’s with last years turnover amounting to EUR 5.9 billion.  Whether the division, which includes around 11,000 employees, will be sold or spun off remains unclear, but all options will be explored.

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