The steel company ThyssenKrupp plans to lay off 5,000 employees by 2030.

The German steel manufacturer and technology company ThyssenKrupp is reported to plan to lay off 5,000 employees in its steel unit by 2030.

In a statement made by Thyssenkrupp Steel Europe, it was expressed that the company management has determined a new strategy in response to the fundamental and structural changes in the European steel market, as well as the challenges facing the entire steel industry.

In the statement, it was noted that as a result of restructuring in production and administrative departments across the company, approximately 5,000 people are planned to be laid off by 2030, and that the new strategy also includes reducing production capacity from 11.5 million tons to a level of 8.7 to 9 million tons.

IT HAS 27 THOUSAND EMPLOYEES

European steel producers are under pressure from competition with Asia, high energy prices following the Russia-Ukraine War, and a slowing global economy.

Thyssenkrupp Steel Europe provides employment for 27,000 people.