"Future independence of our different segments will increase flexibility, strengthen investment plans, and responsibility for being profitable," announced CEO Miguel López on Monday.
Jobs are likely to disappear at the steel giant with approximately 100,000 employees, which once constituted part of Germany's economic backbone - back then as two competing companies: Krupp and Thyssen. The two companies merged in 1999, but have since lost market shares and profit margins, and been hit by tough competition from, among others, steel companies in Asia.
The drastic measures mean that Thyssenkrupp will become a holding company with ownership shares in the separate companies.
The stock on the Frankfurt Stock Exchange rose by over 8 percent after the announcement, but concerns were great that the decision marks the end for the corporation.
