Thyssenkrupp may cut steel production

Thyssenkrupp is considering cutting working hours as car companies cut or suspend production due to the coronavirus crisis. Thyssenkrupp board member Oliver Burkhard said: “We want to keep as many employees as possible, even if we are partially out of work. To do this, we will consider all options, including short-term allowances. "

The automotive industry is Thyssenkrupp's largest customer group, purchasing numerous components and steel parts from the Steel for Submarine conglomerate. Earlier this week, several automakers imposed massive production cuts due to the spread of the coronavirus, raising the question of when their suppliers will follow suit.