Finance
Thyssenkrupp, workers agree on job cuts in steel division
Published by Global Banking & Finance Review®
Posted on December 1, 2025
1 min readLast updated: January 20, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 1, 2025
1 min readLast updated: January 20, 2026
Thyssenkrupp Steel Europe will cut 11,000 jobs and reduce production capacity as part of a restructuring agreement with IG Metall.
Dec 1 (Reuters) - Thyssenkrupp Steel Europe said on Monday it had agreed with union IG Metall to cut or outsource about 11,000 jobs, or 40% of its workforce, and reduce production capacity to a shipping level of 8.7 million to 9 million tons from 11.5 million at present.
The provision is part of a restructuring agreement that will be implemented immediately, Germany's largest steel producer said.
The agreement is based on an industrial concept presented last year, which IG Metall said would be fought with "fierce resistance".
Financing for the agreement, which is set to last until September 30, 2030, has been secured, and parties have agreed to keep details confidential, the company added.
(Reporting by Emanuele Berro in Gdansk, editing by Thomas Seythal)
Job outsourcing refers to the practice of hiring external companies or individuals to perform tasks or services that could be done internally, often to reduce costs.
Corporate restructuring involves reorganizing a company's structure, operations, or finances to improve efficiency, adapt to market changes, or address financial challenges.
Explore more articles in the Finance category