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Thyssenkrupp cuts steel production

Thyssenkrupp will reduce steel production by 1.5-2 million tons per year and is planning layoffs at its Duisburg facility.

Thyssenkrupp cuts steel production

One of Germany's major steel producers, Thyssenkrupp, announced that it will reduce its steel production by 1.5-2 million tonnes per year and layoffs will take place at its Duisburg plant.

An international industrial and technology company which achieved sales of EUR 38 billion in 48 countries in the 2022/2023 financial year in many products such as automotive technology and decarbonisation technologies, employing approximately 100,000 people, ThyssenKrupp has made changes within the company due to challenging market conditions. In a press release on Thursday, 11 April, the company announced that it will reduce steel production by approximately 20% at its steel production center in Duisburg, North Rhine-Wesrfalia, which has a production capacity of approximately 11.7 million tonnes/year of pig iron and 11 million tonnes/year of crude steel. Stating that layoffs will follow, the company said that it has become necessary due to weakening demand and fierce competition from low-cost Asian competitors.

Thyssenkrupp underlined that while it currently produces 11.5 million tonnes, production will decrease to 9-9.5 million tonnes in the coming period; however, green transformation plans will not be affected by this situation. The spokesperson for the German economy ministry also expressed sorrow for the layoffs that will take place at ThyssenKrupp's Duisburg plant.

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