Salzgitter to acquire HKM, cut around 2,000 jobs
Salzgitter to acquire HKM, cut around 2,000 jobs
Thu, July 9, 2026 at 10:21 AM UTC
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July 9 (Reuters) - Salzgitter said on Thursday it will wholly acquire joint venture HKM from co-owners thyssenkrupp Steel and Vallourec and intends to cut around 2,000 jobs as part of a restructuring.
The German company plans to reduce HKM's workforce to roughly 1,000 positions from around 3,000 by the end of 2028, while also cutting crude steel production to two million metric tonnes per year.
"Without these painful job cuts, Salzgitter AG would not have been able to complete the acquisition on its own," the company said in a statement.
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Chief human resources officer Birgit Dietze added that the job cuts are "a difficult but necessary step".
Salzgitter said HKM's supply contract with thyssenkrupp Steel will expire at the end of 2028, rather than in 2032 as previously planned.
(Reporting by Danny Callaghan; Editing by Matt Scuffham)
Source: “AOL Breaking”
