FRANKFURT/DUESSELDORF, Germany (Reuters) – German corporation Thyssenkrupp ( TKAG.DE) will cut 3,000 jobs and invest 4.2 billion euros ($ 4.6 billion) at its having a hard time steel department by 2026 as part of a wage offer struck with effective labor union IG Metall, it said on Wednesday.
FILE PICTURE: Thyssenkrupp’s logo design is seen outside the elevator test tower in Rottweil, Germany, January 21,2020 REUTERS/Michaela Rehle/File Picture
The steps, which follow a landmark deal to offer the group’s treasured elevator department, are aimed at making Thyssenkrupp’s steel production service competitive once again versus competitors including ArcelorMittal ( MT.AS) and Voestalpine ( VOES.VI).
The steel service, the second-biggest in Europe by sales, is reeling from weakening demand, cheap Chinese imports and a messed up attempt to combine it with the European department of Tata Steel ( TISC.NS), a deal obstructed by Bru