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.
Industrial group ThyssenKrupp said it would shed about 1,100 jobs in its steel division over the next three years. The group said that the jobs would be cut in TK Steel by September 2007 under a plan to cut costs by €200 to 250 million per year. At the end of 2003, TK Steel employed about 50,000 people in Germany.
In December 2004, ThyssenKrupp announced an agreement with staff representatives meaning that jobs will be saved. ThyssenKrupp had originally planned to cut up to 1,350 jobs in its steel division. According to staff council head and member of the supervisory board Wilhelm Segerath, between 400 and 800 work positions have now been saved thanks to the agreement on shorter working hours. However, he said that involuntary redundancies had not been ruled out as part of the agreement.
In april 2005, ThyssenKrupp Stahl announced its decision to cut its second quarter steel production by 500,000 tonnes - about 10% of its total steel output over the period - in order to protect prices in a weak market. The company said the cutback will affect mainly hot-dipped galv, electrolytic and organic-coated materials. In order to protect job losses at its plants the company will be 'using up credits in working time accounts'.
Eurofound (2004), Thyssenkrupp, Internal restructuring in World, factsheet number 60575, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/60575.
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