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Nov. 19, 2020, 3:24 a.m. EST

Thyssenkrupp to cut 7,400 jobs over next 3 years

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By Olivia Bugault

Thyssenkrupp AG said Thursday that it plans to cut 7,400 jobs over the next three years in order to adapt to the consequences of the coronavirus pandemic and long-term developments in the market.

Including the 3,600 positions that have already been cut, the German industrial conglomerate will scrap a total of 11,000 jobs. The company said in May 2019 that it would reduce 6,000 jobs over the coming three years but now plans to cut 5,000 more than previously planned.

"We're in the middle of the biggest restructuring process in the history of Thyssenkrupp," Chief Human Resources Officer Oliver Burkhard said. "This will involve further job cuts, there is unfortunately no way around it," Mr. Burkhard says.

Write to Olivia Bugault at olivia.bugault@wsj.com

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