Thyssenkrupp Steel Europe, subsidiary of German steelmaker Thyssenkrupp Steel, has reached a critical milestone in its turnaround strategy. Workers have voted to approve a sweeping restructuring plan, a move seen as essential for securing the company’s future, though final implementation now depends on Thyssenkrupp’s financing commitments, according to a report by Reuters.
Worker approval of the plan
The IG Metall union announced that 77 percent of voting members supported the plan in the ballot held between July 21 and September 4, 2025. While the plan entails job reductions, shorter working hours, bonus cuts, and site closures, it avoids forced redundancies until 2030. The collective agreement runs until September 2030.
Scope of Restructuring
The restructuring agreement, concluded after negotiations in July, is expected to generate over €100 million in annual savings.
Key measures include:
- Cutting up to 11,000 jobs (40 percent of workforce)
- Reducing annual production capacity from 11.5 million mt to 8.7–9.0 million mt
Implementing efficiency and cost-control measures across operations