Thyssenkrupp plans to close its German steel mill, Thyssenkrupp Steelworks, by March 2021 if it fails to find a buyer for the plant by the end of this year.
The plant’s full year order intake and sales declined by 17pc and 20pc respectively, reaching about 60pc of its full production capacity, which is otherwise close to 90-100pc. The ongoing global pandemic has had a major impact on the plant’s business and its adjusted EBIT has seen a €946mn loss through the year.
The firm also expects close to 7,400 job cuts across the company of which 5,300 are expected to be from the German steel plant
The company is also restructuring its automotive plant construction business at the System Engineering unit in Germany since October, that will include close to 385 job cuts. This business unit split into two, of which the body assembly system will be managed by Thyssenkrupp while powertrain and battery assembly will be a part of its Multi Tracks portfolio segment.
The company’s consolidated sales declined by 15pc in FY2020 compared with the prior year.