FRANKFURT/DUESSELDORF: Conglomerate Thyssenkrupp on Thursday said its steel unit faced operating losses of 1 billion euros this year, raising pressure on it to fix or sell the division.
The group has outlined plans that could see the division sold, kept or combined with a peer, with India's Tata Steel , Sweden's SSAB and Germany's Salzgitter all considered potential partners. "No steelmaker is making a profit at the moment. But in terms of performance, we're certainly lagging the competition," he told journalists during a call, adding the company was in talks about additional job cuts.The unit, which employs nearly 28,000, has annual personnel costs of 2 billion euros.
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