German steel manufacturing giant ThyssenKrupp Steel has unveiled sweeping plans to scale back production and slash jobs at its Duisburg facility, announcing that Steel output will drop from 11.5 million tons to just 8.7–9 million tons annually.
In addition, the company is closing its Kreuztal-Eichen plant in Siegerland, impacting about 5,000 jobs directly.
The company also plans to offload its 60% stake in the Krupp-Mannesmann (HKM) iron and steel works as part of broader cost-cutting efforts. If a sale falls through, ThyssenKrupp hinted at the possibility of closure, stating it would “discuss mutually acceptable closure scenarios.”
Personnel costs will take a significant hit, with a targeted 10% reduction over the coming years. Management aims to eliminate approximately 5,000 positions in production and administration by 2030, along with an additional 6,000 jobs through outsourcing and business sales. These drastic moves are intended to keep the company competitive in a challenging market.
While the cuts signal a tough road ahead for workers, ThyssenKrupp sees them as necessary for the long-term survival of its steel business.
