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 25 November 2024, Thyssenkrupp's steel subsidiary, Thyssenkrupp Steel Europe, has announced plans to cut 11,000 jobs by the end of 2030. Bochum site to close in 2028 affecting 5,300 jobs and the rest will be progressively cut over time
The company is responding to weak demand in the steel market. Around 5,000 positions are to be eliminated through "adjustments in production and administration." An additional 6,000 jobs will be outsourced to external service providers or through business sales.
Updatd, 16/09/2025 The company management and the IG Metall union have agreed on a restructuring plan that foresees the elimination of 11,000 jobs, but without any compulsory redundancies. A collective agreement valid until 2030 has been reached, which includes a reduction in weekly working hours to 32.5, the elimination of holiday bonuses, and other cost-saving measures. As a result, employees' incomes will decrease by an average of around eight percent.
The job cuts have been further specified: 1,600 positions in production will be eliminated by 2029 through the closure of production units. In addition, 3,700 jobs will be cut across all divisions of the group by 2028, bringing the total number of directly affected positions to 5,300. Further reductions will result from the sale of business units, ultimately reaching the planned total of 11,000 job cuts, all to be implemented without compulsory layoffs, instead for example through severance payments.
One Bochum site is scheduled to close in 2028, while the plant in Kreuztal-Eichen in the Siegerland region of North Rhine-Westphalia is not planned to be closed for the time being. 5,300 employees at the Bochum site are affected.
Eurofound (2024), Thyssenkrupp Steel Europe, Internal restructuring in Germany, factsheet number 202008, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202008.