Thyssenkrupp to cut 11,000 jobs at steel division in major corporate shakeup

Thyssenkrupp Steel Europe will cut 11,000 jobs by 2030. The German steelmaker will also reduce production. The company blames cheaper Asian competitors and high energy prices. The union plans to fight the job cuts. Other German companies like Volkswagen are also considering cuts. Thyssenkrupp recently wrote down the value of its steel division.