Thyssenkrupp Steel has reached an agreement with the IG Metall union on the remaining details of the reconciliation of interests, social plan and other company interests.
Additionally, the financing required for the restructuring period, until 30 September 2030, has been secured, with the parties agreeing to keep the terms confidential.
Ilse Henne, chairwoman of the Supervisory Board of Thyssenkrupp Steel, said: "Through our joint efforts, we have succeeded in sweeping away the last obstacles on the way to signing the agreement, and we have achieved a viable result.
“All sides have lived up to their responsibilities here. This is encouraging and sends out a very strong signal for Steel and for the entire region."
The industrial concept developed by the Steel Executive Board and presented in November last year forms the basis of the agreements. The concept essentially provides for a market-related reduction in production capacity to a shipping level of 8.7Mt to 9Mt, cutting or outsourcing about 11,000 jobs, and investments, including that in the direct reduction plant currently under construction at the Duisburg location.
Marie Jaroni, CEO of Thyssenkrupp Steel, added: "Since presenting our industrial concept, we have consistently solved the tasks facing us step by step and, by concluding the collective restructuring agreement, we have cut the Gordian knot so we can make Thyssenkrupp Steel fit for the future.
“Our goal is very clear: over the long term, we aim to occupy a leading position in the European competitive environment. We have now created the prerequisites for this."
The restructuring process will be implemented immediately in order for the company to raise efficiency levels and achieve more competitive cost positions as quickly as possible.
