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Company News, 2003-06-17, 02:00 AM

Reorganization program for Bochum plant of ThyssenKrupp Electrical Steel

ThyssenKrupp Electrical Steel GmbH was formed a year ago to combine ThyssenKrupp Steel AG`s electrical steel activities. A comprehensive reorganization program has been drawn up for the company`s Bochum, Germany plant to prepare it for the tough challenges ahead.

The program mainly comprises: ・ improving the product portfolio
・ measures to achieve sustainable cost structure improvements.

The program was outlined in detail to employees at works meetings held in Bochum on June 15 and June 17, 2003. A reconciliation of interests has been agreed for the roughly 200 employees affected aimed at cushioning the social impact of workforce adjustment measures. Cutbacks will be made via outsourcing, partial retirement schemes and in a quarter of cases through redundancy payments.

The Bochum plant of ThyssenKrupp Electrical Steel EBG currently has around 800 employees and sales of approx. 230 million euros. Electrical steel is needed wherever motion needs to be converted into energy and energy into motion - such as in generators, transformers, electric motors as well as innovative green technologies such as wind turbines.

ThyssenKrupp Steel AG
Erwin Schneider
Tel.: +49 203 / 52 - 2 56 90
Fax: +49 203 / 52 - 2 57 07

Dietmar Stamm
Tel.: +49 203 / 52 - 2 62 67
Fax: +49 203 / 52 - 2 57 07

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