Thyssenkrupp to cut 11,000 jobs ahead of potential steel unit sale to Jindal

German industrial group Thyssenkrupp AG is launching a major restructuring of its steel subsidiary Thyssenkrupp Steel Europe (TKSE), aiming to reduce its nominal production capacity by around 25% and cut or outsource up to 11,000 jobs. The restructuring plan, approved through a collective agreement with the IG Metall union, will run until 2030. It will lower annual deliverable volumes from 11.5 to approximately 9 Mt and serves as a prerequisite for a possible acquisition by Jindal Steel International.