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Thyssenkrupp CEO announces sweeping job cuts

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Thyssenkrupp will make sweeping job cuts and give an update on the new company structure in November, the company's new Chief Executive Martina Merz told employees on Monday.

FILE PHOTO: Martina Merz, supervisory board chairwoman of German steelmaker ThyssenKrupp AG, who is set to replace outgoing CEO Guido Kerkhoff on an interim bases is pictured at the company's annual shareholders meeting 2019 in Bochum, Germany February 1, 2019. REUTERS/Wolfgang Rattay/File Photo

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FRANKFURT: Thyssenkrupp will make sweeping job cuts and give an update on the new company structure in November, the company's new Chief Executive Martina Merz told employees on Monday.

"This is about strengthening businesses and improving performance. This is not a sellout," Merz said in the letter, which was seen by Reuters.

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