Source: International Business Times
Steel giant Thyssenkrupp has struggled in the face of fierce competition AFP Thyssenkrupp said Monday it planned a major overhaul that will split the vast conglomerate into several standalone businesses, fuelling fears about further job losses and a looming break-up of the historic German industrial titan. Once a symbol of German manufacturing might, Thyssenkrupp has fallen into crisis in recent years as high costs at home, falling prices for its products and fierce competition from Asian rivals hammered its traditional steel business in particular. The conglomerate, which traces its history back to the early 19th century, had already announced massive job cuts at the steel division and was in the process of seeking to spin off some parts of the business.
