STEEL INDUSTRY
The steel giant Thyssen-Krupp Steel shut down its production. The work for this holiday are extended from two to four weeks.
HB DUSSELDORF. Germany's largest steelmaker ThyssenKrupp extended because of the decline in demand for its steel plant shutdown to four weeks. In the stainless works Benrath Dusseldorf, Bochum and Krefeld, stood the tapes two weeks longer than usual silence, a spokesman for ThyssenKrupp Stainless, said on Tuesday.
Salary the employee would have to work because of the holidays from 15 December to 11 January but not without. The halt in production will offset against outstanding holiday and overtime work, the spokesman said. What is the extent of the decline in demand for steel has, he did not want to say with reference to the Group's balance sheet press conference on Friday.
Because of the crisis in the automotive industry have been many car manufacturers and their suppliers shut down and layers such as Continental extends the work on the holiday of the year.
On Monday, the "Financial Times Germany" had reported that ThyssenKrupp was preparing with a strict austerity program on the global economic slump. Target savings are approximately one billion euros. Only the administrative costs should be reduced by ten percent, but layoffs are not planned.
Even in August, Germany's largest steel producer had raised its profit forecast for the 2007/08 financial year despite the global economic slowdown. Group CEO Ekkehard Schulz said at the time, he expected a profit before tax and exceptional charges of more than 3.2 billion €. Turnover is expected to reach € 53 billion.
