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German Thyssenkrupp to cut 3,000 jobs at its struggling steel division

27 Mar 2020 17:28 reported by Ivy Wei

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Thyssenkrupp, one of the leading industrial companies in Germany, announced to cut 3,000 jobs at its struggling steel division by 2026.

However, it also mentioned that it would cut the jobs in a socially responsible way, there would be no forced layoffs until March 31st, 2026.

This company was facing challenges such as weakening steel demand, cheap Chinese steel imports and was also trying to stay competitive in the long term by settling all problems effectively.

Thyssenkrupp would also invest EUR 4.6 billion at its struggling steel division by 2026 as part of a wage deal struck with IG Metall, a labor union.










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