Germany's Thyssenkrupp ponders production cuts as coronavirus balloons in Europe


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Germany's Thyssenkrupp ponders production cuts as coronavirus balloons in Europe

Late on Wednesday (March 18th) Thyssenkrupp, the Essen-based world’s largest steel manufacturer alongside a critical supplier for the global automotive industry, had issued a statement saying that the German multinational conglomerate had been contemplating a move to curb working hours of its employees, as a raft of carmakers across the globe either had suspended production or reduced capacity over growing fears of a ferocious upsurge of newer coronavirus cases.

In point of fact, followed by the release of Thyssenkrupp’s Wednesday’s (March 18th) statement, industry analysts began to whisper that the German multinational conglomerate could have been the first conglomerate to take a heavy header from the coronavirus-led financial fallouts following a recent €17 billion sales of its most-profitable elevator unit aimed at raising liquidity to offset some stresses for the debt-strapped German conglomerate.

Meanwhile, adding that following a double whammy of a declined passenger car sales across the globe over recession frets alongside a violent wave of coronavirus outbreak that had been dampening automotive industry outlook further, ThyssenKrupp partially ran out of orders, a board member of Thyssenkrupp, Oliver Burkhard said in a statement on Wednesday (March 18th), “We want to keep employed as many employees as possible, even if we are partially running out of work.

To do so we will be looking at all options, including short-time working allowances. ”