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International Business Times

Bruce Golding

Thyssenkrupp Warns Nearly 30,000 Steel Workers To Prepare For 'Tough Cuts'

Thyssenkrupp CEO Miguel Lopez addresses demonstrators outside the company's headquarters in Essen, Germany, on May 23, 2024. (Credit: INA FASSBENDER/AFP via Getty Images)

German conglomerate Thyssenkrupp is warning nearly 30,000 steel workers to brace for layoffs, according to a report Saturday.

Dennis Grimm, the newly named spokesman of Thyssenkrupp Steel Europe's executive board, said the company was drawing up a new business plan that will lead to major job losses, Reuters reported.

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