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Steelmaker’s Net Profit Falls 59 Percent

ThyssenKrupp AG said Friday its profits dropped sharply in 1Q and that it would cut jobs as the world economic crisis caused a sharp fall in demand for steel.

DUESSELDORF, Germany (AP) -- ThyssenKrupp AG said Friday company profits dropped sharply in the fiscal first quarter and that it would cut jobs as the world economic crisis caused a sharp fall in demand for steel.

The German-based company said net profit in the October through December period fell 63 percent to $210 million. Sales for the quarter fell by 6 percent.

The company said it would cut jobs in the steel division but wasn't specific about the number.

ThyssenKrupp said the construction of its massive steel plant in Mobile is on schedule and expects to start production in the spring of 2010.

The Alabama plant will process steel produced in Brazil and will have a capacity of 5 million ton per year.