ThyssenKrupp to slash 11,000 jobs after recording $6.5 bn net loss

Sees another billion-euro deficit after 5.5-bn euro loss

ThyssenKrupp will cut 11,000 jobs, roughly 10 per cent of its workforce, as the conglomerate’s beleaguered steel business hemorrhages cash and Germany’s government bickers over a possible rescue.

The steel and materials group almost doubled the number of positions it plans to eliminate after recording a 5.5-billion euro ($6.5 billion) net loss for the year that ended in September.

The company forecast another more than 1 billion euro deficit for the current period in a statement Thursday.

“We will have to move further into the ‘red zone’ before we have made Thyssenkrupp fit for the future,” Chief Executive Officer Martina Merz said. “The