Thyssenkrupp Steel plans to cut 5,000 jobs by 2030 and an additional 6,000 jobs through the sale of business activities or transfer to external service providers, the company said on Monday. Germany's largest steelmaker is under pressure from cheaper Asian competitors, high power prices and a cooling global economy, leading to operating losses in four of the past five years.
"Urgent measures are required to improve Thyssenkrupp Steel's own productivity and operating efficiency and to achieve a competitive cost level," the company said in a statement.
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