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ThyssenKrupp Steel, Germany’s largest steelmaker, plans to cut jobs and output at its main plant in Duisburg, Germany, but the number of layoffs has not yet been determined.
Steel production will drop from 11.5 million tons per year to 9-9.5 million tons. A weakening German economy, rising energy costs and rising steel imports from Asia were cited as reasons for the restructuring.
The company has reached an agreement with the union to guarantee employment levels until March 2026. They plan to improve profitability, secure the factory’s future and produce greener, low-carbon steel to meet strict environmental standards.
(Source: AFP Image source: freepik)
