Thyssenkrupp Putting 20,000 Jobs at Risk in Overhaul, Says Union

Germany’s IG Metall union estimates that around a fifth of jobs at Thyssenkrupp are at risk, following the conglomerate’s recent plans to restructure as a holding company, Reuters reported.

Thyssenkrupp has already announced plans to cut or outsource up to 11,000 jobs in its steel division, TKSE, and to eliminate approximately 1,800 jobs in its automotive unit. Photo: Thyssenkrupp

Thyssenkrupp announced recently that it would proceed with plans to sell minority stakes in three of its five divisions. The remaining two—submarines and steel—are already in the process of being spun off or partially divested.

“The plans could see more than 20,000 employees' positions slashed,” said Juergen Kerner, deputy chairman of both the IG Metall union and Thyssenkrupp’s supervisory board, in an interview with Süddeutsche Zeitung.

Thyssenkrupp has already announced plans to cut or outsource up to 11,000 jobs in its steel division, TKSE, and to eliminate approximately 1,800 jobs in its automotive unit.

Kerner added that Thyssenkrupp’s supervisory board will meet in June to approve the spin-off of its submarine and warship division, TKMS, later this year.

He also criticized Czech billionaire Daniel Křetínský—who purchased a 20% stake in TKSE last year and is negotiating to acquire an additional 30%—for tying the deal to job cuts.