Thyssenkrupp’s steel unit will immediately start implementing job cuts and capacity reductions, paving the way for a potential sale of the troubled business.
The agreement came after Thyssenkrupp finalised a financing plan for the steel unit through the end of the decade after sealing a turnaround agreement with unions. This includes support for the installation of a green steel plant at its main site in Duisburg.
Management and workers had managed to “cut the Gordian knot so we can make Thyssenkrupp Steel fit for the future”, the unit’s chief executive Marie Jaroni said. Both sides had agreed to keep the terms “confidential”, the company said.
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