Thyssenkrupp Steel Faces Major Restructuring Amid Industry Challenges

Thyssenkrupp Steel has announced a restructuring plan involving the reduction of 11,000 jobs, with 5,000 positions eliminated and 6,000 outsourced. This will impact over a third of its workforce, which currently totals approximately 27,000 employees.

The company also plans to close its Kreuztal-Eichen plant, scale down steel production in Duisburg, and shut its Bochum facility earlier than scheduled, now targeting 2027 instead of 2030.

The restructuring comes as Thyssenkrupp faces increasing pressure from cheaper steel imports from Asia and declining demand from the German automotive sector.

Additionally, the company is transitioning to climate-friendly steel production, including plans to develop a hydrogen-powered blast furnace in Duisburg. However, the economic feasibility of green steel remains uncertain.

Experts and critics have pointed to insufficient investments in the steel sector as a contributing factor to the company’s challenges.

The situation highlights broader struggles in Germany's export-dependent economy, which is facing reduced international demand and a potential second