Thyssenkrupp should present its restructuring plan next week – sources – 04/03/2024 at 4:06 p.m.

by Christoph Steitz and Tom Käckenhoff


TKAG.DE is expected to present the first details of the restructuring plan for its steel division next week, two sources familiar with the matter said, which should result in substantial reductions in terms of jobs and production resources in this sector. unit.

The supervisory board of Thyssenkrupp Steel Europe, Germany’s largest steelmaker, is due to meet on April 11 to discuss strategy, the sources said on condition of anonymity due to the confidentiality of these discussions.

This meeting should serve as the basis for discussions with the powerful unions, which hold half of the seats on the supervisory board.

Clarification could be made on which parts of the business will be affected, the sources said, also pointing to possible changes in the HKM steel joint venture, which Thyssenkrupp jointly owns with Salzgitter SZGG.DE and Vallourec VLLP.PA .

The plan could lead to several thousand job cuts at the company, although no final decision has been made.

Thyssenkrupp Steel Europe and its parent company Thyssenkrupp AG declined to comment.

(Reporting Christoph Steitz and Tom Kaeckenhoff; French version Alban Kacher, editing by Kate Entringer)

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