FRANKFURT/DUESSELDORF (Reuters) – German conglomerate Thyssenkrupp will cut 800 automotive system engineering jobs, it said on Tuesday, and said auto demand could take up to three years to recover.
The impact of the COVID-19 pandemic has added to pressures on Thyssenkrupp, which is striving to turn around its loss-making business units after selling its elevator division, by far its most profitable asset, to a private equity consortium earlier this year.
Its shares are trading at their lowest since mid-May when the pandemic’s impact on the stocks of industrial companies around the world was severe.
“We don’t expect output figures in the auto industry to return to pre-crisis levels for at least two to three years,” Ingo Steinkrueger, head of Thyssenkrupp System Engineering, said in a statement.
Thyssenkrupp in May said that System