thyssenkrupp steel to cut 11000 jobs by 2030 amid losses

Thyssenkrupp Steel, the largest steelmaker in Germany, has announced its intention to reduce its workforce by 11,000 jobs by 2030. This move is part of the company's strategy to improve productivity and operating efficiency.

The plan involves eliminating 5,000 positions directly and reducing an additional 6,000 jobs through the sale of business activities or by transferring roles to external service providers. The decision to downsize is a response to various challenges faced by the company, including tough competition from cheaper Asian steel producers, high energy costs, and a slowdown in the global economy.

Thyssenkrupp Steel has experienced operating losses in four out of the last five years, necessitating urgent action to achieve a more competitive cost structure.

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