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Thyssenkrupp Steel plans to cut 11,000 jobs by 2030, including 5,000 directly and 6,000 through divestitures or outsourcing. The company faces challenges from low-cost Asian competitors, high energy prices, and a slowing global economy, resulting in operating losses in four of the last five years. Urgent measures are needed to enhance productivity and achieve competitive cost levels.
Thyssenkrupp AG's steel unit plans to cut or outsource 11,000 jobs over the next decade due to significant financial losses from a global steel surplus and rising energy costs. The board has proposed eliminating 5,000 positions while transferring 6,000 to external service providers, aiming for a 10% reduction in personnel costs.
Thyssenkrupp reported a €1 billion ($1.06 billion) impairment on its struggling Steel Europe division, contributing to a net loss of €1.5 billion for the fiscal year ending September 30. CEO Miguel Lopez highlighted the need for decisive actions regarding strategic issues and emphasized efforts to enhance performance amid ongoing structural challenges in the sector.
European markets are set to open higher, with the FTSE 100 up 39 points and the DAX rising 53 points, as investors await earnings from Imperial Brands and Thyssenkrupp, along with euro zone inflation data. In the U.S., confidence in rate cuts by the Federal Reserve appears to be waning, with a 62.1% likelihood of a December cut, down from previous weeks. Meanwhile, Wall Street banks have differing predictions for gold prices in 2025, with Goldman Sachs forecasting $3,000 per ounce.
Thyssenkrupp AG anticipates cash losses of €200 million to €400 million this fiscal year due to rising restructuring and investment costs, amid challenges in Germany"s industrial sector. Despite these losses, the company expects increased demand for its industrial goods in the latter half of the year.
The SMI index has turned negative, influenced by Nestlé"s performance, while Kuros sees significant gains. The DAX is expected to open higher, following a stable close at 19,189 points, amid reduced political uncertainty. Key earnings reports from Thyssenkrupp and Rheinmetall are anticipated.
Investors are looking for stabilization in the DAX, with a keen focus on NVIDIA's upcoming figures. Final inflation data for the eurozone is expected on Tuesday, while significant US economic indicators, including GDP figures, will be released later in the week. Monetary policy insights from Fed representatives may also influence market sentiment.
Thyssenkrupp AG plans to pursue an initial public offering for its naval shipbuilding unit, Thyssenkrupp Marine Systems, within a year. This decision follows the collapse of a deal to sell a majority stake to Carlyle Group. CEO Oliver Burkhard emphasized the company's preference for a spinoff to achieve independence.
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