Thyssenkrupp Steel gets workers' approval for restructuring plan

Thyssenkrupp Steel Europe, a subsidiary of German steel producer Thyssenkrupp Steel, has reached a critical milestone in its overhaul strategy. Workers voted to approve a radical restructuring plan, which is considered important for securing the company's future, although final implementation now depends on Thyssenkrupp's financial obligations, according to a Reuters report.

Employee approval of the plan

The IG Metall trade union announced that 77 percent of voting members supported the plan in a ballot held between July 21 and September 4, 2025. Although the plan calls for job cuts, shorter working hours, reduced bonuses, and facility closures, it avoids forced layoffs until 2030. The collective agreement is valid until September 2030.

Volume of restructuring

The restructuring agreement, concluded after negotiations in July, is expected to save more than €100 million per year.

Key measures include:

• Reduction of up to 11,000 jobs (40 percent of the workforce)
• Reduction of annual production capacity from 11.5 million tons to 8.7-9.0 million tons

Implementation of measures to increase efficiency and control costs in all operations