Thyssenkrupp considers production cuts as coronavirus spreads By Reuters

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Thyssenkrupp considers production cuts as coronavirus spreads

Stock Markets Mar 18, 2020 12:22PM ET

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Thyssenkrupp considers production cuts as coronavirus spreads

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DUESSELDORF, Germany (Reuters) - Thyssenkrupp (DE:TKAG), a major supplier to the automotive industry, on Wednesday said it was considering shortened working hours as carmarkers reduce or suspend production due to the coronavirus crisis.

The car industry is Thyssenkrupp's single biggest customer group, buying numerous components and steel parts from the steel-to-submarines conglomerate.

"We want to keep employed as many employees as possible, even if we are partially running out of work," Thyssenkrupp board member Oliver Burkhard said in a statement.

"To do so we will be looking at all options, including short-time working allowances," Burkhard, Thyssenkrupp's chief human resources officer, said.

Earlier this week, several carmakers, including Volkswagen (DE:VOWG_p) and Daimler (DE:DAIGn), introduced far-reaching production cuts due to the spread of the coronavirus, raising the question of when their suppliers would follow suit.

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Thyssenkrupp considers production cuts as coronavirus spreads

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