Thyssenkrupp Stock: Major Restructuring Plan Cuts 11,000 Jobs

Thyssenkrupp's steel division is embarking on a dramatic transformation that will fundamentally reshape its operations over the next six years. The company plans to reduce its workforce from 27,000 to 16,000 employees by 2030, with 5,000 positions facing direct elimination and an additional 6,000 being outsourced to external service providers. This extensive restructuring includes scaling back steel production capacity from 11.5 to approximately 9 million tons annually. The Duisburg facility, currently employing 13,000 workers, will bear the brunt of these reductions, while the Kreuztal site, with its 500 employees, is slated for complete closure.

Green Steel Investment Continues

Despite these austerity measures, Thyssenkrupp remains committed to its environmental transformation strategy. The company is proceeding with its €3 billion investment in green steel production facilities at the Duisburg site, supported by €2 billion in funding from federal and state governments. This strategic pivot towards sustainable steel production is deemed crucial for maintaining competitiveness in a challenging market environment characterized by low-cost Asian imports and elevated energy expenses.