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German industrial conglomerate ThyssenKrupp plans to cut more than 3,000 jobs or about 1.5 percent of its total staff amid a slump in demand, the Financial Times reported on Friday.

The cutbacks will affect the group’s steel and car parts unit as well as its shipyards, the newspaper cited people close to the situation as saying.

In a separate article, Financial Times Deutschland cited unspecified sources as saying ThyssenKrupp, Germany’s biggest steelmaker, plans to transfer parts of its stainless steel business into an alliance with Finland’s Outokumpu fast cash advance.

ThyssenKrupp warned on Thursday it could post a net loss this fiscal year as the global economic downturn hits demand for capital goods such as cars and ships. The group also announced a restructuring that will trim its management board to five from eight.

(Reporting by Ludwig Burger; Editing by David Holmes)

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