Thyssenkrupp to Cut 11,000 Jobs at Struggling Steel Unit
- Board aims to reduce personnel costs by about 10% on average
- Company in talks with Kretinsky about increasing investment
Thyssenkrupp AG’s steel unit plans to reduce its labor force by about 40% this decade, a move that would shrink a business that’s lost billions of euros to a global steel glut and rising energy prices.
The division on Monday proposed cutting 5,000 jobs while moving another 6,000 positions off the books by selling operations or moving people to external service providers. Thyssenkrupp aims to lower personnel costs by about 10% on average over the coming years.