Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
As announced on 19 November 2020, the German steel and engineering company ThyssenKrupp will be cutting approximately 6,000 jobs in Germany due to internal restructuring. While ThyssenKrupp had announced a job reduction programme of 6,000 cuts worldwide last year, the current COVID-19 crisis has intensified the company’s financial losses. The steel section had a loss of €2.8 billion in 2020. The company now plans 11,000 cuts worldwide (6,000 of them in Germany). The job cuts will mainly take place in the steel sector of ThyssenKrupp as the elevator sector continues to be the company’s financial saviour and is heavily profitable. Management, trade union and works’ council will start negotiations shortly. As of today, management expects that there will also be operational terminations. Furthermore, there is no information on the location of job cuts available.
ThyssenKrupp has 103,000 employees worldwide.
Eurofound (2020), ThyssenKrupp, Internal restructuring in Germany, factsheet number 102598, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102598.