Thyssenkrupp is planning to slash its steel workforce by 40 per cent, dealing the latest blow to German industry as it warned of oversupply in Europe and “a rise in cheap imports” from China. Germany’s largest steelmaker on Monday said it aimed “to cut around 5,000 jobs by 2030 through adjustments in production and administration”, with a further 6,000 roles “to be transferred to external service providers or shed through the sale of business activities”.
Shrinking European demand for steel has coincided with a rise in Chinese exports of the metal, amid growing excess capacity. China, the world’s largest steel producer, is on track to export more than 100mn tonnes this year — its highest export figure since 2016. The surge has intensified trade tensions, prompting European steelmakers to call on officials to impose tariffs, as the flood of Chinese steel has sharply driven down prices across Europe.