DECLINE IS A CHOICE: Thyssenkrupp to cut 11,000 jobs at steel division in major corporate shakeup.
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.
Under the restructuring, Thyssenkrupp Steel Europe (TKSE), which has a workforce of 27,000, said it would cut 11,000 jobs in total – 5,000 of which would be axed by 2030 and another 6,000 shed through spin-offs or divestitures.
The goal is to reduce personnel costs by some 10% on average in the coming years.
“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.
h/t Stephen Green