[Germany] Thyssenkrupp Steel cuts thousands of workers from its payroll

In Germany, Thyssenkrupp Steel has announced dramatic job cuts and a plant closure, Recycling Today reports.

The comapny presented a plan for its future that involves shutting one steel mill complex and slashing 5,000 to 11,000 employees from its payroll.

Thyssenkrupp Steel reportedly said it wants to lower its annual steelmaking capacity from 8.7 to 9 million metric tons. The initial step to reduce capacity will involve closing its Kreuztal-Eichen site in west central Germany, which includes considerable slitting, coating and pickling operations.

In addition the company said intends to cut around 5,000 jobs by 2030 “through adjustments in production and administration, while a further tranche of 6,000 jobs is to be transferred to external service providers or shed through the sale of business activities.”

Thyssenkrupp Steel will also reportedly divest from Hüttenwerke Krupp Mannesmann (HKM), a Duisburg, Germany-based blast furnace/basic oxygen furnace (BOF) steel producer. “The primary objective is to sell the shares in HKM. If a sale is not possible, Thyssenkrupp Steel will hold talks with the other shareholders about mutually acceptable closure scenarios,” it said in a statement.

Source: Recycling Today

(Quotes via original reporting)

In Germany, Thyssenkrupp Steel has announced dramatic job cuts and a plant closure, Recycling Today reports.

The comapny presented a plan for its future that involves shutting one steel mill complex and slashing 5,000 to 11,000 employees from its payroll.

Thyssenkrupp Steel reportedly said it wants to lower its annual steelmaking capacity from 8.7 to 9 million metric tons. The initial step to reduce capacity will involve closing its Kreuztal-Eichen site in west central Germany, which includes considerable slitting, coating and pickling operations.

In addition the company said intends to cut around 5,000 jobs by 2030 “through adjustments in production and administration, while a further tranche of 6,000 jobs is to be transferred to external service providers or shed through the sale of business activities.”

Thyssenkrupp Steel will also reportedly divest from Hüttenwerke Krupp Mannesmann (HKM), a Duisburg, Germany-based blast furnace/basic oxygen furnace (BOF) steel producer. “The primary objective is to sell the shares in HKM. If a sale is not possible, Thyssenkrupp Steel will hold talks with the other shareholders about mutually acceptable closure scenarios,” it said in a statement.

Source: Recycling Today

(Quotes via original reporting)