Germany's largest steelmaker Thyssenkrupp plans to cut 11,000 jobs

Thyssenkrupp Steel plans to cut 5,000 jobs by 2030 and an additional 6,000 jobs through sale of business activities, Germany's largest steelmaker said. The company is under pressure from cheaper Asian competitors, high power prices and a cooling global economy, leading to losses in four of the past five years. "Urgent measures are required to improve [our] productivity," Thyssenkrupp added.