Severe cutbacks are necessary. We need to become more profitable," Grimm explained in an interview with the Westdeutsche Allgemeine Zeitung. The economic situation has further deteriorated in recent months, and a short-term recovery is not in sight. "We must react to this," Grimm added.
The focus of the measures is on revising the current "business plan." The planned cuts could be deeper than originally anticipated. "We are working on a new business plan, which will also determine the future operational point of the company," explained the CEO. However, he did not specify how many jobs will be affected by the measures. "We cannot yet say exactly how many people we will employ after the plan is finalized and negotiations with employee representatives are completed. But it will be fewer than today," he added.
Grimm's announcement comes at a time when the entire steel industry is under enormous pressure. Increased energy costs, high raw material prices, and declining demand are straining the business. Last year, Thyssenkrupp Steel had already initiated an extensive cost-cutting program, which is no longer sufficient to ensure the company's financial stability.
Grimm emphasized that the focus is now on short-term performance improvement. "We need to trim the company for performance — in the here and now," he said. However, the CEO did not comment on long-term investments and possible strategic partnerships.
Thyssenkrupp Steel currently employs around 27,000 people and is one of the largest employers in North Rhine-Westphalia. The traditional steel division of Thyssenkrupp has been at the center of restructuring and rehabilitation measures for years. Recently, the corporation has repeatedly struggled with losses and is in a difficult market position compared to competitors like ArcelorMittal or Salzgitter.
With the realignment, Grimm aims to pave the way for a sustainable future for Thyssenkrupp Steel. The pressure on the new CEO is high, as he faces the challenge of implementing the restructuring consistently while maintaining the trust of the workforce and investors.
