The uncertain future of steel made in Germany

Germany's largest steel company wants to cut production due to cheap competition from Asia. Economy Minister Habaek regrets this, as the company will likely still be able to retain billions in support for the green transition.

DrGermany's largest steel company, Thyssenkrupp Steel, is bracing for difficult times. The installed capacity is very high and the production network is structurally exhausted. Therefore, the group must reduce its capabilities and reduce jobs in order to maintain its competitiveness. The company did not estimate how many jobs it would lose due to the restructuring, but it is likely to be significant.

Thyssenkrupp employs 27,000 people in its steel division, including 13,000 at its two main sites in Duisburg. Bernhard Osburg, head of the steel company, prepared works councils for tough negotiations on Friday, stressing at the same time that redundancies would be avoided if possible.