German conglomerate thyssenkrup’s steel business and the trade union IG Metall (Industriegewerkschaft Metall) have agreed to limit the effects of COVID-19 on finances by cutting 750 more jobs.
The company announced its decision on Wednesday after discussions to sell the steel unit to UK’s Liberty Steel failed. Thyssenkrup Steel plans to focus on cutting costs to limit the impact of pandemic. These new layoffs will bring the total number of job cuts to 12,000 since April 2020 when pandemic broke out.
The steelmaker has planned large investments for its Duisburg steel plant where it plans to increase production of steel slabs
and Bochum plant where it will build a new double reversing mill and annealing line in the next three years. It still keeps its doors open to mergers with industrial peers.