Thyssenkrupp CEO to implement operating cost cuts

Friday, 19. July 2019 16:54

Thyssenkrupp AG needs to cut operating costs immediately and introduce a hiring freeze in administration, CEO Guido Kerkhoff told employees in a letter on Friday, Spiegel reported.

Kerkhoff called on workers to implement the savings move to help avoid a further reduction in earnings expectations. The CEO said it would be best to cancel external consultant contracts, or at least reduce the number of external consultants. He added that attending meetings, events and travel must be limited and financed only when absolutely necessary.

Thyssenkrupp has had to introduce cost-cutting and restructuring measures ever since the European Commission blocked its merger with Tata Steel.

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