Bloomberg reported that RHI AG plans to cut 1,000 jobs after the business performed in line with its worst case scenario.

As per report, RHI will fire about 13% of its 7,766 workers. RHI's sales have fallen by 25% to 50% at divisions that sell ceramics for steel, cement and glass production.

Mr Thomas Fahnemann CEO of RHI said that "In the last few weeks, the worst case scenarios we have been preparing for since the beginning of the year have become reality. The insufficient order situation has a negative effect on the steel and industrial divisions and makes capacity adjustments necessary."

He said that it has started a review of its 30 factories and expects results in the coming months. He added that "We are looking to grow in Asia, particularly in China and India, and South America, especially in Brazil, through both Greenfield operations and possibly acquisitions."

(Sourced from www.bloomberg.net)