GERMANY / December 1, 2025 — German steelmaker Thyssenkrupp Steel has reached an agreement with the country’s powerful IG Metall union, clearing a major hurdle for its ambitious restructuring plan announced last year.

The deal includes securing financing for the restructuring and finalizing other key terms with the union, though the company has kept the specifics confidential.

As outlined previously, the restructuring aims to cut or outsource approximately 11,000 jobs and reduce production capacity to better navigate current challenges in the steel market. The measures are part of Thyssenkrupp’s broader strategy to enhance competitiveness and operational efficiency amid global steel industry pressures.

The agreement marks a critical step forward, allowing Thyssenkrupp to implement its transformation plans while maintaining dialogue with labor representatives.