Summary

ThyssenKrupp Steel Europe, Germany’s largest steelmaker, plans to cut 11,000 jobs, a third of its workforce, by 2030 due to increased competition from cheap imports, especially from Asia.

The restructuring includes 5,000 job cuts, 6,000 outsourced or eliminated positions, and reduced steel production capacity.

The company plans to spin off its steel division into an independent entity, a move opposed by labor leaders.