Thyssenkrupp cuts steel output as coronavirus crisis hits demand

ThyssenKrupp steel factory in Duisburg
·1 min read

DUESSELDORF, Germany (Reuters) - Thyssenkrupp <TKAG.DE>, Germany's largest steelmaker, is cutting steel output and staff will work shortened hours as the coronavirus crisis is hitting the steel sector.

"In light of the economic impact as a result of the corona crisis we are adjusting our production chain. This includes blast furnaces as well as processing," a spokesman for Thyssenkrupp Steel Europe said in e-mailed comments.

He said further production cuts were possible, not providing specific numbers. Staff working in production and administration will work reduced hours, the spokesman said, adding that process would start in mid-April and take until early May.

(Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz; Editing by Chris Reese)

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