German steel giant ThyssenKrupp to slash 11,000 jobs

Germany's largest steelmaker ThyssenKrupp has announced a plan to cut its current workforce by more than a third by the end of the decade.

German industrial giant ThyssenKrupp Steel Europe on Monday announced a plan to shrink its workforce from the current 27,000 to 16,000 within six years.

The Duisburg-based company blamed an increase in cheap imports, especially from Asia, for putting an increased and "significant strain on competitiveness."

"Urgent measures are required to improve Thyssenkrupp Steel's own productivity and operational efficiency and to achieve a competitive cost level," a statement from the firm said.

Some 5,000 jobs in its European steel operations would be cut by the end of 2030 through "adjustments in production and administration," it announced.

To address overcapacity in the market, the company plans to reduce production capacity from the current 11.5 million metric tons to a future target level of 8.7 to 9 million tons.

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