Thyssenkrupp’s steel division announced on Wednesday that it has reached a preliminary agreement with the IG Metal union regarding the restructuring of Germany’s largest steel producer. The company emphasized its commitment to avoiding forced layoffs and cuts as part of the plan.
Thyssenkrupp stated that the agreement comes after its earlier announcement of plans to cut or outsource up to 11,000 jobs at the steel unit. The deal sets the stage for further negotiations, with the company expecting a new collective wage agreement to be finalized by summer.
Thyssenkrupp has to reach a wage deal is seen as a critical obstacle that needs to be overcome, so that the company can finalize the sale of an extra 30% stake in its steel business to Czech billionaire Daniel Kretinsky. The investor already owns a 20% stake via a holding company.
On the other hand, thyssenkrupp Marine Systems and Singapore’s Defence Science and Technology Agency (DSTA) has signed a contract for the construction of two additional Type 218SG submarines.
According to an official statement, this order further increases Thyssenkrupp Marine Systems’ backlog of approximately €16 billion, reflecting strong growth in the marine sector. The positive market momentum in this industry also remains steady.