ThyssenKrupp to cut 3,000 jobs and adjust production

Wednesday, 25 March 2020 15:52:58 (GMT+3)   |   Istanbul
       

German steelmaker thyssenkrupp has announced that it has agreed with the union IG Metall on an immediate "corona crisis package” to deal with the pandemic and on the conclusion of a collective agreement. The agreement applies to all German steel locations of thyssenkrupp. The collective agreement will enter into force on April 1, 2020 and run for six years until March 31, 2026.

The company also said that there will be a job reduction of up to 2,000 jobs in the next three years. And another 1,000 jobs are to be cut by 2026. The plan is to strengthen the integrated production site in Duisburg by closing individual units at other locations. Of the total of approximately 3,000 jobs, around 1,000 will be cut in administration. 800 jobs are affected in the heavy plate segment.

At present, the corona pandemic is leading to a deterioration in the order situation. Thyssenkrupp is therefore going to make production adjustments in the steel business at short notice.

The company’s steel strategy also provides for an additional investment framework totaling approximately €800 million over six years, which adds to the annual investments of approximately €570 million already included in its planning.


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