Overview

• Thyssenkrupp Steel and IG Metall have signed a framework agreement to guide restructuring negotiations, aiming for a collective agreement by summer 2025.
• The planned closure of the Kreuztal-Eichen plant, which employs around 500 workers, is temporarily on hold while optimization plans are developed to ensure its viability.
• Management remains committed to reducing annual steel production capacity from 11.5 million tonnes to 8.7–9 million tonnes due to weak demand.
• The company intends to cut its workforce from approximately 27,000 to 16,000 over six years through layoffs, divestments, and relocations.
• Thyssenkrupp Steel continues to prioritize its green hydrogen-based direct reduction plant as a key part of its decarbonization strategy despite ongoing financial challenges.