thyssenkrupp Steel and the trade union IG Metall announced an agreement last Saturday on some changes for the company. The deal includes reduced working hours, lower bonus payments, and site closures as part of thyssenkrupp Steel’s restructuring. This accord is a key step in thyssenkrupp's plan to become a holding company.
The new collective bargaining agreement extends until September 30, 2030, but requires approval from IG Metall members at thyssenkrupp Steel’s steelmaking unit TKSE and a resolution on the division's future financing.
The restructuring involves cutting or outsourcing up to 11,000 jobs at TKSE and reducing annual production capacity from 11.5 million tons to 8.7-9.0 million tons.
Both sides expect to finalize the restructuring agreement by the end of September.