ThyssenKrupp to slash heavy plate capacity in major cost-cutting plan

German steelmaker ThyssenKrupp will idle some of its heavy plate production capacity as part of a major cost-savings plan within its European operations, the company announced late last week.

“In addition to investments in viable businesses and applications, [ThyssenKrupp] is planning to significantly improve the cost base of [the] Steel Europe [division] over the next three years by around €500 million [$529 million],” the firm said late on Friday April 7.

“The management board of Steel Europe also [wants] an immediate improvement in the results of the heavy plate business unit,” ThyssenKrupp said. “This includes...

Published

April 10, 2017

18:32 GMT

London