Thyssenkrupp's Steel Job Cuts Raise Restructuring Concerns

Thyssenkrupp faces scrutiny over its plan to cut 40% of jobs in its steel division, impacting 11,000 positions by 2030 through eliminations and divestitures. Questions arise about the feasibility of these measures as worker resistance mounts amid competitive and economic pressures.

German industrial giant Thyssenkrupp's restructuring blueprint, targeting a 40% reduction in its steel division workforce, is under scrutiny. The plan, affecting 11,000 jobs by 2030, leaves specifics unresolved, including implementation and production capacity reductions, as outlined by Handelsblatt.

The lack of clarity around Thyssenkrupp's approach has ignited concerns about its practicality. The strategy, developed by CEO Miguel Lopez's small team, has yet to address core details, creating uncertainty about its execution and effectiveness.

Facing fierce opposition from workers and unions, Germany's largest steelmaker grapples with high power prices and stiff competition from Asian manufacturers. Key meetings set to address these challenges include a private session with the works council and union IG Metall followed by a press conference.

(With inputs from agencies.)