In fact, discussions are already underway, it said. 

“In the past, thyssenkrupp has repeatedly emphasized the benefits of consolidation in the steel industry. The necessity is only heightened as a result of the  (COVID-19) crisis as there will be a structural increase in existing overcapacities in Europe. In addition, thyssenkrupp sees favorable opportunities in speeding up the requisite transformation toward climate-neutral steel production, provided the industry pools its resources and legislators create the framework needed,” the company said. 

Meanwhile, the company said it will continue to execute its recently adopted Steel Strategy 20-30, which calls for the elimination of 3,000 jobs, optimization of the production network and additional investment totaling EUR800 million over the next six years.

“This strategy remains the correct course of action,” thyssenkrupp said. “With this, thyssenkrupp is paving the way to make the steel business sustainably viable in what is an extremely challenging competitive environment. The goal is to keep steel production with its integrated value chains and associated jobs in Germany over the long term.”