ESSEN (dpa-AFX) - The materials trader Thyssenkrupp Schulte wants to restructure its business and cut almost one in five full-time jobs in Germany. Locations are also to be closed. "A total of around 450 jobs are to be cut," the company, which is part of the Thyssenkrupp industrial group, reported in Essen on Wednesday. Thyssenkrupp Schulte currently has around 2,300 full-time jobs at its more than 40 locations in Germany.

"In the course of the restructuring, job cuts and the closure of several locations are unavoidable," it said. The aim is to make the restructuring socially acceptable. Discussions with the relevant co-determination bodies on the details of the transformation will begin shortly. According to a spokesperson, the restructuring process should be completed by the end of September 2025.

The changed business model is intended to sustainably improve competitiveness and profitability. The aim is to align the business model more consistently with customer needs, the statement continued. "While demand for pure materials has been declining for years, another trend is continuing: increasing customer demand for material-related services." This trend has already been successfully addressed in Germany. Fundamental structural adjustments are now also necessary. "The company wants to focus on strengthening and expanding its service business."/tob/DP/ngu