Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
On 25 March 2020, the German steel manufacturer ThyssenKrupp confirmed that it will be cutting 3,000 jobs due to internal restructuring. ThyssenKrupp has been struggling in the last two years. According to management, important decisions were delayed and this job reduction will ensure the company’s long-term competitiveness on the steel market. The job reduction will affect 2,000 employees in production and 1,000 employees in administration. ThyssenKrupp will try to avoid direct dismissals. Furthermore IG Metall and ThyssenKrupp were able to agree upon a new collective bargaining agreement and an assistance package for the Covid-19 crisis.
The company has also agreed short-time work due to the Covid-19 crisis. The agreed short-time work allowance amounts to 80 percent of the previous wages. It is not clear how many workers will be involved.
In 2019 the company announced a worldwide restructuring of 6,000 jobs.
ThyssenKrupp has 28,000 employees.
Eurofound (2020), ThyssenKrupp, Internal restructuring in Germany, factsheet number 100109, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/100109.
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