The company said Monday that it is aiming to cut around 5,000 roles by 2030, through reducing production and streamlining administration. A further 6,000 jobs will be transferred to external service providers or shed through the sale of business units. “Increasingly, overcapacity and the resulting rise in cheap imports, particularly from Asia, are placing a considerable strain on competitiveness,” Thyssenkrupp Steel said in a statement.
Although not a German company, fellow carmaker Ford said last week that it would cut almost 4,000 jobs in Europe over the next three years, mostly in Germany and the United Kingdom. The US company has urged the German government to improve market conditions for automakers, including through lowering costs for manufacturers and increasing public investment in charging infrastructure for electric vehicles.