Another major industrial company in Germany has announced long-term plans that will lay off thousands of workers. Thyssenkrupp Steel is Germany’s largest steel producer and is looking to cut eleven thousand workers by 2030. The company is expecting to lay off five thousand workers completely, and six thousand other jobs will be delegated to external service providers or transferred to another firm that buys a division of the company. This news comes as Volkswagen, the largest manufacturer in Germany recently stated that it plans to lay off thousands of workers and close three plants. Volkswagen has already cut employee pay by ten percent in order to be in a better financial position. These companies are facing various challenges, including global overcapacity, higher levels of cheap imports from Asian countries, increased energy costs, and lower market demand in Germany.
See "Germany’s largest steel producer plans to cut thousands of employees in coming years", Hanna Ziady, CNN, November 25, 2024