German materials trading firm thyssenkrupp Schulte said the company is undergoing a "strategic restructuring" of its business model to consolidate and further expand its market position.

It has been learned from the company that layoffs and the closure of several plants are inevitable as part of the restructuring. In total, around 450 jobs will be affected, and the company intends to make the restructuring in a socially responsible manner.

Discussions with relevant co-decision-making bodies on the details of the transition will begin soon. The company also said that the move makes the company's business model more consistent with customer needs and sustainably improves competitiveness and profitability.