ThyssenKrupp Steel and unions reach agreement in principle on restructuring, promise to avoid forced layoffs

German steel giant Thyssenkrupp Steel Europe and IG Metall recently reached a principle agreement on the company's restructuring plan, aiming to ensure that there will be no compulsory layoffs in the future restructuring process.

According to the agreement, Thyssenkrupp will gradually adjust its job structure by March 31, 2026 through natural attrition, early retirement and internal transfers. The company previously announced plans to cut or outsource about 11,000 jobs by 2030 to cope with high energy costs and overcapacity in the European steel market.

The agreement also cleared the way for Thyssenkrupp's plan to sell a 30% stake in its steel business to Czech billionaire Daniel Křetínský. The union remained cautiously optimistic about the deal and stressed that further negotiations were still needed on funding guarantees and future development strategies.

The union said that this agreement is an important first step in protecting employee rights and interests, and it is also a key node for the company to move towards a more competitive and sustainable development direction.