(MENAFN- The Peninsula) Salzgitter, Germany's second-biggest steel maker, yesterday said it plans to axe more than 1,500 jobs by the end of 2015 as it plunged deeper into the red.
"In order to achieve an acceptable level of performance also under difficult general conditions in the markets and competitive arena," the company has launched a restructuring programme under the name of "Salzgitter AG 2015", it said in a statement. Salzgitter said it has identified an overall profit improvement potential of more than ¤200m ($265m) each year.
"More than half of this amount is attributable to the further development of technical processes and initiatives in the areas of logistics, procurement and data processing, along with reducing personnel by more than 1,500 positions," it said.
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