Thyssenkrupp to cut 11,000 jobs at struggling steel unit

Thyssenkrupp’s steel unit plans to cut its workforce by about 40 percent this decade, a move that would shrink a business that has lost billions of euros to a global glut of steel and rising energy prices.

The steel division’s board of directors has proposed cutting 5,000 jobs and eliminating another 6,000 positions by selling operations or transferring staff to external service providers, the company said Monday. Thyssenkrupp aims to reduce its personnel costs by around 10 percent on average over the coming years.

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