Thyssenkrupp Steel, one of Europe's largest producers of flat rolled products, announced the reduction of 4,000 of the approximately 11,000 jobs provided for in the restructuring plan. The company emphasizes that the goal of the program is to reduce costs, optimize the production network and improve financial performance in the medium term.
Updated data on the progress of transformations were presented at the Capital Markets Day on September 28. The HR plan is based on an agreement with the IG Metall trade union signed at the end of 2025. The document provides for the reduction or outsourcing of about 11,000 jobs, so the 4,000-person reduction already carried out does not mean a separate layoff in the literal sense.
The company intends to adjust its production capacity: with the current volume of 11.5 million tons per year, the supply target should range from 8.7 million to 9 million tons. Another stage of the restructuring was the separation from Hüttenwerke Krupp Mannesmann (HKM) completed in the summer of 2026.
Marie Yaroni, head of Thyssenkrupp Steel, said that the company has already made significant progress during the transformation, and the first results of the measures taken are beginning to be reflected in its operational performance. According to her, the goal is to make Thyssenkrupp Steel a more profitable and sustainable producer.
The company expects adjusted EBITDA to exceed 800 million euros due to restructuring and efficiency measures. They reported that agreements have already been reached on more than half of the planned measures, and their implementation continues. In the medium term, Thyssenkrupp Steel expects to reach an EBITDA of at least 1.2 billion euros, an EBITDA margin of at least 11% and positive free cash flow.
Chief Financial Officer Philippe Ende noted that profitability targets largely depend on the steps that a company can take on its own. According to him, we are talking about an agreement with the trade union, a program to increase efficiency and reduce costs.
In the company's strategy, special emphasis is placed on the cost of products, rather than on the volume of output. According to Thyssenkrupp Steel, about two thirds of the product range consists of high-quality steel grades. In recent years, the company has invested more than 1 billion euros in the modernization of its production network and continues its transition to low-carbon steel production, including through the construction of a direct recovery plant in Duisburg.
Chief Operating Officer Marco Rihrat said that investments in modernization are already helping to produce better products. He also stressed that the new plant in Duisburg plays an important role in the transition to low-carbon production.
Separation of Thyssenkrupp Steel Europe from its parent company