Frankfurt Am Main: German industrial conglomerate Thyssenkrupp on Wednesday announced it was scrapping 3,000 jobs in its troubled steel unit as part of a coronavirus "crisis package".
The elevator-to-submarines group said it had reached a deal with Germany's powerful IG Metall union to cut 2,000 jobs over the next three years and another 1,000 by 2026. "Forced redundancies will be avoided," it said in a press release.
The job cuts in Germany were necessary to respond to "the enormous challenges in the steel sector" as the coronavirus pandemic wreaks havoc on the global economy, it added.
The latest figure raises the total number of job losses in Thyssenkrupp's steel division by 1,000, after the group said earlier that 2,000 of a planned