Salzgitter takes over HKM, cutting workforce to 1,000 jobs

Salzgitter is taking full ownership of Hüttenwerke Krupp Mannesmann (HKM) in Duisburg (buying the 50% stake of Thyssenkrupp Steel and 20% of Vallourec) and will cut the workforce from about 3,000 to roughly 1,000 by end-2028. The company says the alternative to the cuts would have been complete closure of the steel plant; a switch to an electric arc furnace for low-carbon steel is planned. IG Metall calls the cuts 'bitter' but sees retaining 1,000 jobs as a win. Multiply confirmed reporting (t-online, Rhein-Zeitung).