Thyssenkrupp Steel to Slash 40% of Workforce by 2030 in Germany

Nov 25, 2024, 02:53 PM

Thyssenkrupp Steel Europe, facing financial challenges, has announced plans to cut approximately 11,000 jobs by 2030, which represents about 40% of its workforce. This decision aims to reduce personnel costs by about 10% on average. The layoffs, impacting the steel industry in Germany, are attributed to high energy costs and foreign competition. The company intends to achieve these reductions through sales, outsourcing, and direct layoffs, with 6,000 jobs to be cut via sales and outsourcing, and 5,000 jobs to be eliminated by 2030.