Thyssenkrupp Steel Leader Prepares Staff for ‘Tough’ Cuts, Reports Reuters

Steel Workers at Thyssenkrupp Face Significant Layoffs

FRANKFURT – Thyssenkrupp’s 27,000 steel workers should prepare for major job cuts, according to the new leader of the conglomerate’s steel division. Dennis Grimm, a representative for Thyssenkrupp Steel Europe’s executive board, emphasized the need for "tough cuts" in an interview with a German newspaper.

Grimm stated, "We have to become more profitable," citing a deterioration in the current market conditions in recent months without any signs of recovery.

The steel division is transitioning from a conflict with its parent company regarding necessary funding for a proposed joint venture with Czech billionaire Daniel Kretinsky, who already holds a 20% stake in the steel business.

Currently, the company is working on a new business plan, though the exact number of impending job losses remains uncertain. Grimm mentioned that they cannot provide specific figures until the business plan is finalized and discussions with employee representatives are completed, but he confirmed that "it will be fewer than today."