The venerable steel producer, which has been struggling against high energy prices at home and growing competition from abroad, is the latest company in Europe to cut its work force.

The firm is a division of Thyssenkrupp AG and has been facing pressure from cheaper Asian competitors, increasing power prices, and a slowdown in global economy

Germany's largest steelmaker ThyssenKrupp has announced a plan to cut its current workforce by more than a third by the end of the decade.

Berlin: German industrial giant Thyssenkrupp said Monday that it planned to cut around 5,000 jobs at its steel subsidiary by 2030 and outsource a further 6,000 as it looks to put the crisis-hit division on a stable footing.

Hours after Germany's thyssenkrupp Steel announced plans to cut thousands of jobs, German Economy Minister Robert Habeck called for measures to ease pressures on the country's steel industry. Thyssenkrupp's decision "is the result of the great pressure that the steel industry has been under worldwide for many years,

The workforce will be reduced by 40% through job cuts, outsourcing and business sales. There are 27,000 jobs in production and administration.

Thyssenkrupp Steel Europe (TKSE) plans to reduce its workforce by 11,000 people or roughly 40%, the company said on Monday, the latest major restructuring to be announced by a German industrial giant.

Thyssenkrupp Steel, Germany's largest steel producer, plans to slash its current workforce of 27,000 down to around 16,000 by the end of 2030, company management announced on Monday. The steelmaker plans to eliminate 5,

Germany's largest steelmaker is proposing to cut 5,000 jobs altogether and outsource another 6,000 as it seeks to cut staff costs by around 10%. View on euronews

Thyssenkrupp Steel Europe (TKSE) plans to cut 5,000 jobs by 2030 and an additional 6,000 jobs through the sale of business activities or transfer to external service providers, the company said on Monday.