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.
Electricity producer Steag has announced plans to cut between 800 and 1,000 jobs in Germany by the end of 2022. The municipally owned utility company wants to restructure its business due to changes in the German energy market. Steag mostly produces energy through coal-fired power stations. The restructuring plan includes an expansion of renewable energies and opening up its capacity for the dismantling of nuclear energy stations, which are promising new fields. The management also named the significant price drop for energy on wholesale markets as a reason for the restructuring.
Steag has its headquarter in Essen and owns eight fossil power plants in North Rhine Westphalia and in Saarland. The company is investigating which sites will be closed or restructured. Steag employs 3,500 people in Germany and 5,900 worldwide. Already in 2011, Steag cut 200 jobs due to a restructuring programme (Steag, 2011).
Eurofound (2016), Steag, Internal restructuring in Germany, factsheet number 88545, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/88545.