German steel giant ThyssenKrupp to slash 11,000 jobs

ThyssenKrupp Steel Europe plans to cut its workforce from 27,000 to 16,000 over the next six years due to increased pressure from cheap imports. The company will reduce production capacity from 11.5 million metric tons to a target of 8.7 to 9 million tons.

About 5,000 jobs will be eliminated in Europe through adjustments, while another 6,000 will be outsourced or removed via business sales.

The restructuring aims to secure long-term job prospects, but trade union IG Metall calls it "a catastrophe."

ThyssenKrupp aims to spin off its steel operations into an independent company amidst these changes.