Germany's largest steel producer intends to cut 11,000 jobs

Germany's largest steel company ThyssenKrupp intends to cut 11 thousand jobs in its Steel Europe division by 2030. This is reported in a press release of the company on November 25.

"The goal is to reduce about 5 thousand jobs through adjustments in production and management by 2030. In addition, another 6 thousand places will be transformed through outsourcing of services or sale of commercial activities," the document states.

The company explains that overcapacity and growing cheap imports, especially from Asia, are having a tangible impact on its competitiveness.

"The document <...> also foresees a reduction in production capacity from the current 11.5 million tons to a future shipment target of 8.7-9 million tons due to market conditions and thus adapting to future market expectations," it added.

Prior to that, on November 20, Reuters learned about German carmaker Ford's plans to cut about 14% of its employees in Europe due to weak demand for electric cars, weak government support and competition from Chinese manufacturers. The company specified that the layoffs should take place by the end of 2027. In this case, 2.9 thousand cuts will occur in Germany and 800 - in the UK.

Earlier, on September 3, Reuters reported that Volkswagen is considering the possibility of closing a number of enterprises in Germany. The concern said that it considers one car assembly plant and one plant for the production of components obsolete. Bloomberg on September 16 learned about the possible reduction of 15 thousand employees of Volkswagen plants.