ThyssenKrupp Cuts 11,000 Jobs Amidst European Energy Crisis
ThyssenKrupp Steel Europe, facing intense competition from cheaper Asian imports, plans to cut its workforce by over 11,000 by 2030, reducing it from 27,000 to 16,000. This restructuring includes 5,000 job cuts through production and administrative adjustments, and another 6,000 through outsourcing or business sales. To combat overcapacity, production capacity will be reduced from 11.5 million to 8.7-9 million metric tons. While the company aims for voluntary departures, the plan has been met with strong opposition from labor unions.
John Q. Hosedrinker