Germany: Avalanche of Layoffs Continues

After closing the 2023-2024 fiscal year recording a loss of €1.5 billion, German industrial group specializing in steel processing, ThyssenKrupp, has announced an austerity plan that will lead to more than 11,000 job cuts by 2030, mainly in the steel division of ThyssenKrupp Steel. Earlier, German automakers Volkswagen and Mercedes announced drastic staff cuts.

According to the ThyssenKrupp statement, “the Duisburg plant will only produce 8.7 to 9 million tons of steel instead of the current 11.5 million tons.” In addition to reducing production in Duisburg, the decision was made to close the Kreuztal-Eichen steel mill. Thousands of workers will find themselves in poverty: ThyssenKrupp Steel’s personnel costs will have to be cut by an average of 10 percent over the next five years.

“To prepare for the future, global optimization and streamlining of our production network and processes is necessary. We recognize that this path will require many sacrifices from many people, especially since we will have to cut jobs in the coming years to become more competitive,” said board spokesman Dennis Grimm. The announcement sparked sharp protests from German trade unions, which vowed to organize a series of strikes and mass demonstrations across Germany.