Thyssenkrupp Steel embarks on austerity: Cuts in team events & hospitality

No more cookies Strict austerity measures in Thyssenkrupp's steel division

2024-11-14 Source: dpa 1 min Reading Time

The steel manufacturer Thyssenkrupp Steel, which is about to undergo restructuring, has imposed an austerity program on its administrative staff.

Thyssenkrupp Steel aims to pursue a strict austerity program at all levels in light of market conditions,(Image: thyssenkrupp Steel Europe AG) — Thyssenkrupp Steel aims to pursue a strict austerity program at all levels in light of market conditions,
(Image: thyssenkrupp Steel Europe AG)

According to the "Westdeutsche Allgemeine Zeitung" (WAZ) (German newspaper), the company intends, among other things, to no longer cover Christmas parties and other "team events." There should also be "no catering at internal meetings" in the future, the paper quotes from a circular by the board. The Thyssenkrupp steel division also reportedly wants to stop paying for "food and consumer goods." In this context, "coffee, milk, water, cookies" have been explicitly mentioned. Among the workforce, this is mockingly referred to as a "cookie decree," according to the WAZ.

Steel division wants to "pursue a strict austerity program at all levels"

A spokesperson for the division confirmed the information. "No hospitality at internal meetings simply means that there will be no drinks and food accompanying meetings. Ultimately, the message is clear: We must pursue a strict austerity program at all levels in light of market conditions," he explained in response to an inquiry from the German Press Agency.

"Due to the continuing weak market situation and the resulting challenging financial situation of our company, further savings measures are unavoidable," the WAZ quotes from the circular by the three board members Dennis Grimm, Philipp Conze, and Marie Jaroni, which was sent to the workforce a few days ago. "We have already successfully reduced many expenses, but the total of material costs is still too high," the company's management noted.

The board has decided to "drastically cut very specific expenses." Savings are also to be made on business trips, gifts, and professional journals. According to WAZ, the management appealed to the employees: "We ask for your understanding and active cooperation to overcome this difficult situation together."

The loss-making steel division of the industrial group Thyssenkrupp is to be restructured and become independent. The restructuring plans are currently being developed, with job cuts also being considered.

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