Thyssenkrupp AG’s steel unit reportedly plans to reduce its workforce by 11,000 employees. The development can be seen as a response to economic pressures, including competition from Asian steel producers and rising operational costs. As per reports, Thyssenkrupp Steel Europe (TKSE) announces to lay off 11,000 employees at its steel division in a major corporate shakeup. The job cuts will represent about 40 per cent of the workforce, which stands at approximately 27,000 employees. The company plans to let go of a total of 11,000 workers. It may include about 5,000 employees who will likely lose their jobs by the year 2030. Additionally, another 6,000 jobs might be cut by selling parts of the business or separating from certain operations. Thyssenkrupp also reportedly plans to lower its production capacity from 11.5 million metric tons a year to between 8.7 and 9 million tons. Nissan Layoffs: Japanese Automobile Company To Reduce 1,000 Employees From Thailand Following Announcement of Reduction of 9,000 Global Staff.

Thyssenkrupp Steel Europe Announces Layoffs

Thyssenkrupp To Lay Off 40% of Its Employees From Steel Division

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