Thyssenkrupp to Cut 11,000 German Jobs by 2030 Amid Global Steel Crisis
Thyssenkrupp, a major German industrial group, has announced plans to cut up to 11,000 jobs in Germany by 2030, around 40% of its domestic workforce. This move comes amidst a backdrop of global steel overcapacities and protectionist measures, threatening the European steel industry and millions of jobs.
The steel sector has been grappling with significant challenges. In the past year alone, it has lost 18,000 jobs in the EU. Global steel overcapacities are projected to reach 720 million tonnes by 2024. The European Commission is set to unveil new protection measures for the steel market at the next European Parliament plenary session.
Industry bodies like EUROFER are calling for measures to slash foreign steel imports by half. The steel industry has proposed a tariff rate quota system for imports above a certain threshold, subject to a 50% tariff. However, the EU and US trade deal in July maintains 50% tariffs on steel and aluminium, further impacting European steel prices and revenues.
ArcelorMittal, the world's second-largest steel producer, also has thousands of jobs under threat across Europe. The European Commission has invited key industry associations and leading figures to an emergency summit to discuss necessary measures for protecting the European steel market. This includes representatives from major steel companies, trade unions, and national ministers.
The European steel industry faces severe threats from Chinese overcapacities and US tariffs, risking the loss of millions of jobs. With Thyssenkrupp's job cuts and the looming emergency summit, the sector braces for significant changes. The European Commission's upcoming protection measures are eagerly awaited as the industry seeks to safeguard its future.
