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United States Top German Steelmaker To Cut Jobs, Production
Germany's biggest steelmaker, Thyssenkrupp Steel, plans to cut jobs and production at its key plant at Duisburg because of difficult market conditions.
The company said after a board meeting late Thursday that the number of jobs to lost was not yet decided.
But it said that steel production would fall from 11.5 million tonnes a year to 9.0-9.5 million tonnes.
Weakness in the German economy, rising energy costs and growing steel imports from Asia have forced the restructuring, it said.
Thyssenkrupp Steel employs about 27,000 people, including 13,000 at the western city of Duisburg, where the company has made an accord with unions guaranteeing employment levels until March 2026.
The company said its aim was still "to continue to avoid job losses for economic reasons".
But it added that measures were needed to increase profitability and guarantee the future of the Duisburg site.
Thyssenkrupp said it would step up efforts to produce steel with lower carbon emissions in line with tighter environmental restrictions at Duisburg. Last year it received 1.45 billion euros in state aid for the shift to cleaner steel.
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