Germany's largest steel producer will lay off thousands of workers
ThyssenKrupp will cut 11 thousand jobs due to falling competitiveness.
By 2030, the company intends to reduce about 5 thousand jobs in its Steel Europe division due to adjustments in production. Another 6 thousand seats will be converted through the involvement of third-party service providers.
The reason for these changes was “ongoing changes in the European steel market.” As the company notes, the steel manufacturer cannot withstand the competition with suppliers from Asia.
At the end of the 2023-2024 financial year, the company's net loss amounted to 1.506 billion euros.
