**ThyssenKrupp Steel to Cut Workforce by Over a Third Amid Market Pressures**

ThyssenKrupp Steel Europe, Germany's leading steel manufacturer, has revealed a significant reduction plan for its workforce, aiming to cut its current 27,000 employees down to 16,000 within the next six years. The company, headquartered in Duisburg, attributes this drastic measure to increased pressure from low-cost imports, particularly from Asia, which has heavily impacted its competitiveness.

To address these challenges, ThyssenKrupp plans to implement urgent measures aimed at boosting productivity and operational efficiency to achieve a sustainable cost level. The company's restructuring strategy includes cutting 5,000 positions within its European steel operations by the end of 2030 through adjustments in production and administration. Additionally, another 6,000 jobs are set to be outsourced or eliminated through business sales.

In response to market overcapacity, the steelmaker has also announced plans to decrease its production capacity from the current 11.5 million metric tons to between 8.7 and 9 million tons. Dennis Grimm, head of ThyssenKrupp's steel division, emphasized the necessity of these steps for the company’s future viability. "Comprehensive optimization and streamlining of our production network and processes is necessary to make us fit for the future," Grimm stated.

Despite the company’s intention to avoid layoffs by encouraging voluntary departures, the restructuring plan has been met with severe criticism from trade unions. IG Metall, representing a significant portion of ThyssenKrupp's workforce, labeled the plan as a "catastrophe" for its employees.

In addition to the cost-cutting measures, ThyssenKrupp’s parent company aims to transform its steel division into a fully independent entity, a proposal that has faced opposition from labor leaders. Currently, Czech energy company EPCG holds a 20% stake in ThyssenKrupp Steel and plans to increase its ownership to 50%.

The financial struggles of ThyssenKrupp have been evident, with the company reporting a loss of €1.5 billion for the 2023-24 fiscal year, following a €2 billion loss the previous year. The ongoing efforts to restructure and optimize operations are seen as critical steps for the company to regain its competitive edge in the global market.