Thyssenkrupp to lose 3,000 jobs in restructuring over next six years

German steelmaker Thyssenkrupp has announced that it will go ahead with a restructuring plan that will eliminate 3,000 jobs after reaching an agreement with the workers' trade union, it said on Wednesday March 25.

The announcement included a "coronavirus package" with reduced hours for staff, agreed with workers' representative IG Metall.
Because of a sharp decline in demand, the company will make production adjustments in the steel business at short notice, with short-time working arrangements to be introduced immediately at various locations in its Steel Europe division. These arrangements will be reviewed on a monthly basis.
The company also said that a collectively agreed special payment will be converted into additional days off.

It announced its new strategy in December 2019, and the framework conditions for the implementation of the "20-30 steel strategy" were now in place. The agreement will apply to all of Thyssenkrupp's steel operations units in Germany. The collective agreement will come into force on April...

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