German materials trading firm thyssenkrupp Schulte has announced plans to restructure its business and cut almost one in five full-time jobs in Germany.
Locations are also to be closed and "a total of around 450 jobs are to be eliminated," the company, a subsidiary of industrial giant thyssenkrupp, announced 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," the company said.
A thyssenkrupp Schulte spokesman said the company would soon open talks with labour representatives about how to implement the job cuts in a socially responsible manner.
The spokesman said the restructuring process should be completed by the end of September 2025.
The aim is to align the company's business model more consistently with customer needs and sustainably improve competitiveness and profitability, according to a statement from the company.
"While demand for pure materials has been declining for years, another trend is continuing: increasing customer demand for material-related services," the company said.
Fundamental structural adjustments are now necessary "with this focus on strengthening and expanding the service business."
