Thyssenkrupp to cut 11,000 jobs at steel division in major corporate shakeup
Thyssenkrupp Steel Europe (TKSE) plans to reduce its workforce by 11,000 people or roughly 40%, the company said on Monday, the latest major restructuring to be announced by a German industrial giant.
Germany's largest steelmaker, a division of Thyssenkrupp AG, is under pressure from cheaper Asian competitors, high power prices and a weakening global economy, leading to operating losses in four of the past five years.
Thyssenkrupp will cut 5,000 jobs by 2030 and an additional 6,000 jobs through the sale of business activities or transfer to external service providers, it said.
«Urgent measures are required to improve Thyssenkrupp Steel's own productivity and operating efficiency and to achieve a competitive cost level,» the company said in a statement.
The new strategy also foresees the reduction of production capacity from 11.5 million metric tons to a future shipment target of 8.7 to 9 million tons, «an adjustment to future market expectations», TKSE said.
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