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.
Salzgitter, a German steel manufacturer, has announced its takeover of HKM, the Duisburg steelworks, a move that will result in around 2,000 job cuts by the end of 2028.
The restructuring is being driven by the transition towards green steel production. Salzgitter plans to invest in an electric arc furnace, which is expected to significantly reduce CO₂ emissions and help secure the long-term viability of the site. The company has emphasised that it would not have been able to proceed with the full acquisition without the planned workforce reduction.
The job reductions are intended to be implemented in a socially responsible manner, although the company has not disclosed any specific measures.
HKM most recently employed around 3,000 people. Following the restructuring, the workforce is expected to be reduced to approximately 1,000 employees. Prior to the transaction, Thyssenkrupp Steel Europe (TKSE) held a 50% stake in HKM, while Salzgitter and Vallourec owned 30% and 20% respectively.
Updated, 20/07/2026 IG Metall negotiated a social collective agreement with the employer. Under the agreement, around 300 more jobs will be retained than originally planned. As a result, 1,700 jobs, rather than the initially announced 2,000, will be eliminated at the Duisburg site.
The agreement also sets out the accompanying measures for the workforce reduction. It provides for a phased and predictable downsizing process over several years. For some employees, employment ended on 30 June 2026. The company is now seeking 500 volunteers who are willing to leave the company from 1 October 2026 onwards.
Salzgitter plans to construct an electric arc furnace at the Duisburg site, which has been described as the largest of its kind in Germany.
Eurofound (2026), HKM, Merger/Acquisition in Germany, factsheet number 300730, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/300730.
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