Germany’s largest steel producer, Thyssenkrupp Steel, has signed a collective restructuring agreement with the IG Metall union, effective until September 30, 2030.
The agreement is based on an industrial plan presented last year and provides for a market-aligned reduction in production capacity to a shipping level of 8.7-9 mln tons. It also includes cutting or outsourcing around 11,000 jobs and advancing strategic investments, including the direct reduction plant currently under construction in Duisburg.
Thyssenkrupp Steel said the financing required for the entire restructuring period has been secured, though the terms will remain confidential. The company noted that implementation will begin immediately to improve efficiency and strengthen cost competitiveness as quickly as possible.
Despite the restructuring, Thyssenkrupp Steel reaffirmed its long-term commitment to carbon-neutral steel production. Construction of the first direct reduction plant in Duisburg is ongoing as part of its decarbonization roadmap.
