Thyssenkrupp to cut another 5,000 jobs

Another bid by German conglomerate Thyssenkrupp to stem the bleed.

5,000 more jobs are to be axed at the sprawling conglomerate.

It said on Thursday (November 19) that it's trying to control losses across its empire after posting a $1.9 billion operating loss in its latest financial year.

Despite closing the sale of its elevators business in July for more than 20 billion dollars, the group remains in crisis.

And its CEO said more painful restructuring might be needed to stop the cash burn.

The company said it expected to make a decision about what to do with its struggling steelmaking business in the spring.

It had tried to set up a joint venture with India's Tata Steel, but was blocked by Brussels on antitrust grounds last year.

The division swung to big losses as the global slowdown hit demand.

Shares in the company, which also makes ships and car parts, have fallen about 60% this year.

By Thursday afternoon they were down another 6%, with analysts saying the outlook for the coming year was disappointing.

The new job cuts come on top of 6,000 layoffs announced last year.

But some investors say even the new plans don't go far enough.

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