German industrial group Thyssenkrupp plans to cut jobs implementing its strategy for company's restructuring, Reuters informs with the reference to Frankfurter Allgemeine Zeitung.

According to CEO, employees of Thyssenkrupp are fully aware that planned changes will be impossible without cuts in personnel.

The company was able to reduce costs by more than 100 million euro in first nine months without creating too much noise.

Earlier on Thursday Thyssenkrupp, being in crisis mode after CEO and Board head resigned last month, set new targets for mid-term profitability.

Activist shareholders, Cevian and Elliott, which own about fifth of Thyssenkrupp, initiated major improvements in company's operations.