Thyssenkrupp Steel plans to cut its steel workforce by 40%, warning that oversupply in Europe and rising cheap imports from China are adding to challenges for German industry.
Germany’s largest steelmaker said on Monday it aims to cut around 5,000 jobs by 2030 through production and management changes, with another 6,000 jobs transferred to external providers or laid off through sales of businesses.
In addition to job cuts, Thyssenkrupp said it plans to close a processing unit and cut annual production capacity by up to a quarter, to between 8.7 million and 9 million tonnes.
This comes after the German industrial company reported a net annual loss of 1.4 billion euros, after writing down the value of its business by 1 billion euros, blaming weak earnings forecasts and a costly green transition.
