Thyssenkrupp's steel unit said it will temporarily shut down production of electrical steel in Europe, a key material used in wind turbines and power grids, blaming cheap imports from Asia that it warns are putting an additional 1,200 jobs at risk.
Jindal Steel International sees government subsidies in Europe as "an important factor" in its strategy for a potential takeover of Thyssenkrupp's steel division (TKSE), the head of its European business told WirtschaftsWoche on Friday.
Germany's most powerful union IG Metall on Wednesday said that compulsory layoffs would remain a last resort at conglomerate Thyssenkrupp , adding an agreement with management on the matter had been extended into 2028.
Thyssenkrupp's steel division head, Marie Jaroni, estimates a restructuring deal that will cut or outsource about 11,000 jobs will cost the company a three-digit million-euro amount, she told the Frankfurter Allgemeine Zeitung newspaper.
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