As of: March 28, 2024, 12:07 p.m
By: Max Schäfer
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Thousands of employees could lose their jobs as part of the restructuring of Thyssenkrupp Steel. (Archive photo) © Rolf Vennenbernd/dpa
Thyssenkrupp wants to reorganize its steel division. Thousands of jobs could be lost. What are the causes?
Duisburg – Thyssenkrupp wants to fundamentally reform its steel division. According to media reports, the board is working on a new concept that is primarily intended to massively reduce costs. This will also be accompanied by job cuts. Up to 5,000 employees could be affected by the renovation. However, the company has pushed back against the job cuts reports.
To date, Thyssenkrupp Steel has around 27,000 employees. Division boss Bernhard Osburg should now check how the automotive industry will develop in the next few years. From this he should derive how many positions will be dispensable in the future, reported
Manager Magazin
. The management consultancy Bain & Company is supporting him and should bring in a “fresh perspective”.
Thyssenkrupp is planning a “fundamental realignment” for its steel division – and could cut thousands of jobs
As early as the beginning of April, Osburg wants to inform the supervisory board led by the former Federal Minister of Economics Sigmar Gabriel about his findings. Gabriel first sparked speculation about job cuts in an interview with the
Westdeutsche Allgemeine Zeitung (WAZ)
.
As chairman of the supervisory board of Thyssenkrupp Steel, Gabriel explained that the company could not continue like this and that the steel division needed a “fundamental realignment”. He cites the weak economy and fundamental changes as the causes, “which no longer allow us to expect that the old sales figures for steel will even come close.”
Falling demand makes “capacity adjustments” necessary at Thyssenkrupp
“We have systems designed for an annual production of almost 12 million tons, but we currently only sell around nine million tons - and the trend may even be falling,” Gabriel told
WAZ
. This can be bridged for a certain period of time, “but not permanently”.
“All of us in the company, management and co-determination, must now ensure that we develop a plan that will take us into the future,” said Gabriel. He made it clear: “It certainly cannot be ruled out that when capacity is adjusted, there will also be a reduction in employment.” The austerity reform is expected to cost two billion euros.
Thousands of jobs are to be lost at Thyssenkrupp Steel
It is now Bernhard Osburg’s job to provide concrete figures. According to
Manager Magazin
, it is clear that this affects thousands of jobs. However, at least in Duisburg, many employees have almost reached retirement age.
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But not only the employees of Thyssenkrupp Steel in Duisburg could be affected by the job cuts. The savings plan also includes Hüttenwerke Krupp Mannesmann (HKM) with 3,000 employees. This is a joint venture between Thyssenkrupp, Salzgitter and the French tube manufacturer Vallourec.
Thyssenkrupp is demanding that Salzgitter contribute to the costs of job cuts – according to a media report
According to the Manager Magazin report, Thyssenkrupp Steel demands that everyone contribute financially to their share of the job cuts. Just because Salzgitter is geographically further away, the people of Lower Saxony can't just make a big deal of it, Osburg is said to have said, according to
Manager Magazin
, which cites high-ranking corporate circles.
Officially, the shareholders of HKM agreed to “further develop and concretize” their plans. However, the Salzgitter boss sees Thyssenkrupp as the majority owner in the leadership role. The French company Vallourec, however, has terminated the joint venture, but is still committed until 2028. However,
according to
Manager Magazin,
the company is threatening to sue.
In addition to plans to restructure the steel division, the Essen-based group is examining a sale of Thyssenkrupp Steel. CEO Miquel Lopez, for example, held negotiations with Czech billionaire Daniel Kretinsky's EPH Holding about a collaboration, but these remained unsuccessful. (ms)