Thyssenkrupp to Lay Off 5,000 Employees due to Disruptions Caused by the Pandemic

German based industrial engineering and steel manufacturing company ThyssenKrupp AG (ETR: TKA) has announced that it will be laying an additional 5,000 employees as the pandemic has caused major distortion in operations of the company.

This latest lay off will bring the number of employees laid off by the company courtesy of the pandemic to 11,000 since the company had laid off workers two more times prior to the latest one since the pandemic set foot.

We’re not yet where we need to be. The next steps could be more painful than the previous ones. But we will have to take them,” said the company’s CEO Martina Merz.

The company is struggling to come out one of its deepest plunges in the 200 years it has been in existence. The pandemic has cause major disruptions worldwide in almost every sector of the economies.

The company expects its adjusted operating loss to go down to a mid-triple digit million euro range in the 2019/2020 fiscal year.

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