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Thyssenkrupp, Germany’s largest steel producer, has confirmed that it will reduce its steel shipments from the current 11.5 million tons to between 8.7 million and 9 million tons.
This move is part of a structural restructuring agreement signed by the company with the union IG Metall on December 1. 23G110 Grain oriented electrical steel, The company stated that the restructuring will commence immediately to improve efficiency and strengthen cost competitiveness as quickly as possible.
This arrangement is primarily based on the industry plan proposed by the Steel Business Management Committee in November 2024. 23G110 Grain oriented electrical steel, ThyssenKrupp Steel emphasized that the company will continue to pursue its long-term carbon neutrality transition goals, with construction of the first direct reduced iron (DRI) unit at its Duisburg site still underway. Simultaneously, the company plans to cut or outsource approximately 11,000 jobs.
CEO Marie Jaroni stated that with the signing of the collective restructuring agreement, "we have untied a key knot that has hindered the company's future development." She indicated that the company's clear long-term goal is to strive to return to the forefront of competitiveness in the European steel industry, and this agreement lays the foundation for this.
Wilfried von Rath, the director in charge of people affairs, pointed out that the company and employee representatives jointly developed this "future-oriented" restructuring agreement. He also acknowledged that the restructuring would result in significant layoffs and drastic cuts, but this was crucial for enhancing competitiveness and preserving as many jobs as possible.
ThyssenKrupp's European steel business is currently under sale, with India's Jindal Steel International submitting a non-binding offer to acquire it on September 16. 23G110 Grain oriented electrical steel, ThyssenKrupp has previously attempted to sell its steel business multiple times, but has been unsuccessful due to factors such as weak European steel demand, oversupply, high energy costs, and the impact of cheap imports.
