DUESSELDORF, GERMANY: Thyssenkrupp, whose attempt to merge its steel operations with its rival Tata Steel was thwarted by regulators earlier this year, now plans to transform the business into its biggest profit engine, according to Reuters.

The company announced to its staff it aims to boost earnings at Steel Europe over the coming years through job cuts and selling more to the auto industry.

It said Steel Europe would cut up to 1,000 jobs in administration and an additional 200 staff would be affected in its operating business.

Steel Europe's Heavy Plate and Electrical Steel businesses would either be restructured, sold or wound down, the letter added, with decisions expected in the coming months.

Thyssenkrupp also said it planned to increase steel shipments to an average 11.5 million tons a year.

Source: Reuters