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Thyssenkrupp Steel, IG Metall Reach Agreement, Clear Way for Restructuring

Provided by Dow Jones

By Sarah Sloat 




  Thyssenkrupp Steel and Germany's IG Metall union reached an agreement that helps clear the way for a far-reaching restructuring proposed last year, including job cuts and a reduction in production capacity. 



  The German steel maker said on Monday that it secured financing for the restructuring, in addition to agreeing on other details with the union. Terms are confidential, it said. 



  As previously reported, the restructuring includes cutting or outsourcing about 11,000 jobs and reducing production capacity to address challenges in the steel market. 



  "The restructuring process will now be implemented immediately in order to raise efficiency levels and achieve more competitive cost positions as quickly as possible," Thyssenkrupp Steel said. 





  Write to Sarah Sloat at sarah.sloat@wsj.com 





  (END) Dow Jones Newswires



  December 01, 2025 10:08 ET (15:08 GMT)


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