Agencies
German industrial conglomerate Thyssenkrupp announced on Monday plans to eliminate approximately 5,000 jobs at its steel division by 2030 and outsource an additional 6,000 positions as it looks to put the crisis-hit division on a stable footing.
The cuts would fall on both "production and administration,” while the further reduction of the payroll would happen through "outsourcing to external service providers or the sale of business activities,” Currently, around 27,000 people are employed in the steel division, which has been battered by high production costs and fierce competition from Asian rivals.
While reducing the headcount, Thyssenkrupp said it would lower its production capacity to around 9 mntons from 11.5 million tons.The group will also seek to sell its shares in the Krupp Mannesmann steelworks in the western German city of Duisburg.