Thyssenkrupp Announces Major Restructuring with 11,000 Job Cuts by 2030

Germany's largest steelmaker cites global overcapacity, auto industry struggles, and green transition costs as key challenges.

Thyssenkrupp plans to cut 11,000 jobs and reduce production capacity to 8.7-9 million tons annually as part of a long-term restructuring strategy.
The company attributes the decision to structural changes in the European steel market, including oversupply and increased competition from low-cost imports, particularly from Asia.
The steel sector's dependence on the struggling automotive industry, which consumes a significant portion of its output, has further exacerbated its challenges.
Transitioning to climate-neutral steel production is a priority, but high costs and uncertainties surrounding hydrogen infrastructure hinder progress.
Broader concerns about deindustrialization in Germany are growing, with declining industrial production, job losses, and capital outflows raising alarms about the country's economic trajectory.