EMCC European Monitoring Centre on Change

ThyssenKrupp

Company/Organisation:
ThyssenKrupp

Geographic Location

Country: Germany

Company

Sector: Manufacturing
Manufacture of basic metals and fabricated metal products, except machinery and equipment
24.1 - Manufacture of basic iron and steel and of ferro-alloys
Number Employed: 103000

Employment Effects

Announcement Date: 19-11-2020
Planned Job Reductions min: 6000
Planned Job Reductions max: 6000
Type of Restructuring: Internal restructuring
Employment Effect Start: 19-11-2020
Other Job Reduction Measures: 6000

Additional Information

As announced on 19 November 2020, the German steel and engineering company ThyssenKrupp will be cutting approximately 6,000 jobs in Germany due to internal restructuring. While ThyssenKrupp had announced a job reduction programme of 6,000 cuts worldwide last year, the current COVID-19 crisis has intensified the company’s financial losses. The steel section had a loss of €2.8 billion in 2020. The company now plans 11,000 cuts worldwide (6,000 of them in Germany). The job cuts will mainly take place in the steel sector of ThyssenKrupp as the elevator sector continues to be the company’s financial saviour and is heavily profitable. Management, trade union and works’ council will start negotiations shortly. As of today, management expects that there will also be operational terminations. Furthermore, there is no information on the location of job cuts available. 

ThyssenKrupp has 103,000 employees worldwide. 

 

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