Workers at Thyssenkrupp Steel Europe approved a sweeping restructuring plan aimed at stabilizing Germany’s largest steelmaker, with final financing now awaiting a decision by parent Thyssenkrupp AG. The IG Metall union said 77% of participating members supported the plan, with 62% turnout in a vote held from July 21 to September 4. The agreement, which runs through September 2030, provides for job, working-hour and bonus reductions and some site closures, while avoiding forced redundancies until 2030. Management has previously outlined cuts of up to 11,000 positions—about 40% of the workforce—and a reduction in crude steel capacity from 11.5 million tonnes to roughly 8.7–9.0 million tonnes per year. The union said the package is expected to generate more than €100 million in annual savings. The plan is also seen as pivotal to a broader strategy to separate the steel unit and form a joint venture with investor Daniel Kretinsky’s holding, which already holds 20% and is slated to acquire an additional 30%. Worker representatives said employees had reached their “pain threshold” and called on Thyssenkrupp’s board to finalize the necessary funding to implement the agreement. ($1 = €0.8542).