Dec 1 (Reuters) - German steel producer Thyssenkrupp said on Monday it would cut or outsource about 11,000 jobs and reduce steel production capacity to a shipping level of 8.7 to 9 million metric
Thyssenkrupp and IG Metall Agree on Major Job Cuts
Dec 1 (Reuters) - Thyssenkrupp Steel Europe said on Monday it had agreed with union IG Metall to cut or outsource about 11,000 jobs, or 40% of its workforce, and reduce production capacity to a shipping level of 8.7 million to 9 million tons from 11.5 million at present.
The provision is part of a restructuring agreement that will be implemented immediately, Germany's largest steel producer said.
The agreement is based on an industrial concept presented last year, which IG Metall said would be fought with "fierce resistance".
Financing for the agreement, which is set to last until September 30, 2030, has been secured, and parties have agreed to keep details confidential, the company added.
(Reporting by Emanuele Berro in Gdansk, editing by Thomas Seythal)
