German steelmaker Thyssenkrupp Steel has finalized a comprehensive restructuring agreement with the IG Metall union and employee representatives, marking a decisive step in its long-running transformation plan. The framework governs restructuring measures through September 30, 2030, covering the reconciliation of interests, a social plan and several company-level arrangements.
Industrial concept drives sweeping changes
At the center of the agreement is Thyssenkrupp Steel’s industrial concept, which includes:
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A reduction of steel production capacity to 8.7–9 million mt, aligned with market conditions
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Elimination or outsourcing of approximately 11,000 jobs
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A portfolio of investments, including a new direct reduction (DRI) plant under construction in Duisburg
Implementation begins immediately. Thyssenkrupp Steel stated that the restructuring aims to improve efficiency, reduce costs and strengthen competitiveness while continuing to pursue its long-term objective of carbon-neutral steelmaking.
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