Thyssenkrupp it will cut another 5 jobs "in the next three years", in addition to the 6 cuts already announced in May last year. Total - 11 thousand. The decision was taken in light of the accounts for the 2019-2020 financial year, which closed with an adjusted operating loss of €860 million. A result on which the Covid effect weighed decisively.
"To cope with the consequences of the pandemic - reads a note - Thyssenkrupp is forced to reduce the workforce by 11.000 jobs in total".
If we consider the sale of its (very profitable) elevator division, sold in February for 17,2 billion euros, the group has recorded a net profit of 9,5 billion euros this year, against revenues down by 15%, to 28,9 billion. Without the sale, the accounts would have been with a loss of 5,5 billion (against the red of 250 million last year). In terms of profitability, the EBIT is instead negative by 800 million (while it had been positive by the same amount the previous year).
“The coronavirus pandemic is a massive stress test for Thyssenkrupp – commented the CEO Martina Merz – Our consolidated financial statements give us the flexibility to systematically implement additional necessary steps in our plan, but we are not yet where we need to be. The next steps may be more painful than the previous ones. But we can't avoid them."
Mid-morning, at the Frankfurt Stock Exchange, the title of Thyssenkrupp it dropped more than 7%, to 4.564 euros.
