The dramatic slump of the world economy since autumn 2008 has hit the business of ThyssenKrupp Steel AG very hard. The company has reacted to this by taking immediate action. In a first step, a cost cutting scheme has been established involving a one-off saving potential for administrative and material costs of way over 400 million euros. After the employees had been requested to bring their overtime accounts into balance and take remaining vacation days, it was decided last December to introduce short-time work as from January, affecting more than 15,000 employees in the current fiscal year. Moreover, blast furnace
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