Thyssenkrupp’s steel unit plans to reduce its labour force by about 40 per cent this decade, a move that would shrink a business that has lost billions of euros to a global steel glut and rising energy prices.
The steel division’s board has proposed cutting 5000 jobs while moving another 6000 positions off the books by selling operations or shifting people to external service providers, the company said on Monday. Thyssenkrupp aims to lower personnel costs by about 10 per cent on average over the coming years.