London CNN —
Thyssenkrupp Steel has announced plans to eliminate 11,000 jobs by the end of this decade — about 40% of its workforce — becoming the latest German industrial giant to opt for drastic action to prop up its fortunes.
The company said Monday that it is aiming to cut around 5,000 roles by 2030, through reducing production and streamlining administration. A further 6,000 jobs will be transferred to external service providers or shed through the sale of business units.
“Increasingly, (global) overcapacity and the resulting rise in cheap imports, particularly from Asia, are
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