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thyssenkrupp: posts loss, job cuts deepen

( - thyssenkrupp said on Thursday that its losses widened in fiscal year 2019/2020, and that it would lay off another 7,400 staff over the next three years.

The German industrial group said that the impact of the coronavirus pandemic and structural challenges, particularly in its steel business, resulted in an adjusted EBIT loss of 1.6 billion euros for the financial year ended 30 September, slightly exceeding expectactions.

However, for fiscal 2019/2020, thyssenkrupp posted a net profit of 9.6 billion euros, from a loss of 260 million euros in the previous year, helped by the capital gain made on the sale of its elevator business, which was around 15 billion euros.

But its shares fell 7% on the Frankfurt Stock Exchange on Thursday.

As sales fell by 15% to 28.9 billion euros in the last financial year, thyssenkrupp said that it currently expects to make further layoffs, totaling 11,000 jobs, to address long-term market developments and the effects of the coronavirus crisis.

The move means that the company - which has already slashed 3,600 positions - will make 7,400 additional redundancies over the next three years.

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