April 7, 2017 / 4:12 PM / 4 months ago

Thyssenkrupp plans steel cost cuts of 500 mln eur over 3 yrs

1 Min Read

FRANKFURT, April 7 (Reuters) - German industrial group Thyssenkrupp said on Friday it planned a new cost-cutting round of 500 million euros ($531 million) over three years at its steel unit, which it continues to try to merge with Tata Steel's European operations.

It also said it planned to close parts of some production facilities at its heavy plate business unit, adding that it was not yet clear how many jobs would be affected.

The European steel unit, under constant pressure from cheap imports and industry overcapacity, has already taken more than 600 million euros in costs out of the business under a previous restructuring programme that ended about a year ago.

Thyssenkrupp said it would now discuss the measures in detail with employee representatives.

$1 = 0.9422 euros Reporting by Georgina Prodhan; Editing by Maria Sheahan

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