Thyssenkrupp is planning to slash its steel workforce by 40 per cent, dealing the latest blow to German industry as it warned of oversupply in Europe and “a rise in cheap imports” from China.
Germany’s largest steelmaker on Monday said it aimed “to cut around 5,000 jobs by 2030 through adjustments in production and administration”, with a further 6,000 roles “to be transferred to external service providers or shed through the sale of business activities”.
Alongside the job cuts, Thyssenkrupp Steel Europe said it planned to close a processing site and slash annual production capacity by up to a quarter to between 8.7mn and 9mn tonnes.
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