Steel Maker ThyssenKrupp to Slash 11,000 Jobs in Germany

Published On Nov 25, 2024, 10:06 AM

ThyssenKrupp, Germany's largest steel producer, plans to cut up to 11,000 jobs by 2030 as part of an overhaul to improve profitability. The company's decision comes amid high energy costs and growing competition from abroad. ThyssenKrupp aims to reduce its annual steel production to no more than 10 million tons from 12.6 million tons, leading to the elimination of 5,000 jobs directly. The remaining job cuts will come from selling business segments or outsourcing operations. Additionally, the company has reported significant financial losses, including a yearly net loss of €1.4 billion, and has reduced the value of its steel division by €1 billion. This situation reflects broader economic challenges in Germany, where several companies are also laying off workers amid economic stagnation and competition.