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Thyssenkrupp: 11,000 steel jobs to be cut

(CercleFinance.com) - thyssenkrupp announced on Monday that its steelmaking division plans to cut some 11,000 jobs over the next few years in order to adapt to market conditions.


The German industrial group intends to reduce the workforce in its steelmaking division by 5,000 jobs by 2030 through adjustment measures, notably within its administrative structures.

A second tranche of 6,000 job cuts will follow, through the transfer of certain activities, or even the divestment of business lines.

thyssenkrupp specifies that these measures will enable it to reduce the division's personnel costs by around 10% over the coming years, bringing them down to levels deemed 'competitive'.

According to its new industrial objectives, thyssenkrupp Steel plans to reduce its production capacity from 11.5 million metric tons to 8.7-9 million, in line with current market conditions.

In a press release, thyssenkrupp underpins its decision by the need to adapt to structural changes in the European steel sector and the rise of low-cost exports from Asia.

The conglomerate adds that it is continuing to prepare the process of separating its steel activities with the intention of transforming it into an independent company, which will already result in the Czech group taking a 50% shareholding, compared with 20% today.

On the Frankfurt Stock Exchange, thyssenkrupp shares gained more than 2% on Monday afternoon following the presentation of these initiatives.

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