Overview

• Mutares will close the Wetzlar steelworks by the end of October, ending the state’s last remaining steel plant.
• The warm rolling mill and mechanical processing units are slated for sale to the GMH Group in the fourth quarter, and the forging division will go to FerrAl United.
• The restructuring is expected to eliminate about 450 positions out of roughly 1,120 to 1,150 jobs, according to company and union figures.
• Mutares says around 670 roles could be retained through the transactions, and GMH plans postings that could take in roughly 60 affected steelworkers.
• Union representatives cite high electricity costs and persistent global overcapacity for the loss of competitiveness and are working on an interest-equalization agreement and social plan.