DOW JONES—The steel giant Thyssenkrupp Steel has reached an agreement with IG Metall and the company’s interest group on the outstanding details of its restructuring plan, including the balance of interests and the social plan. In addition, financing for the restructuring period until September 30, 2030 has been secured, said Thyssenkrupp’s steel subsidiary. The parties have agreed to confidentiality regarding the conditions.
With the signing of the restructuring collective agreement by Thyssenkrupp Steel and IG Metall, which runs until the end of September 2030, “the path to the operational implementation of the industrial concept is now finally clear.”
The basis for the agreements reached is the industrial concept presented by the steel board in November last year. Thyssenkrupp Steel further announced that this “essentially envisages a market-related reduction in production capacity to a shipping level of 8.7 to 9 million tons, a reduction or outsourcing of around 11,000 jobs as well as investments, including in the direct reduction plant under construction at the Duisburg site” for the production of green steel.
The company and the union agreed in July on a collective agreement to restructure the group. The key points were originally supposed to be worked out and completed in detail by the end of September.
“With a joint effort, we managed to remove the last obstacles on the way to the signing and we achieved a sustainable result,” said Supervisory Board Chairwoman Ilse Henne, according to the statement. “All sides have lived up to their responsibilities here. This is encouraging and is a very good signal for steel and for the entire region.”
The restructuring process will now be implemented immediately in order to achieve efficiency improvements and more competitive cost structures as quickly as possible.
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(END) Dow Jones Newswires
December 01, 2025 09:46 ET (14:46 GMT)
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