<p>The German elevator-to-car parts conglomerate Thyssenkrupp will cut 3,000 jobs at its steel unit by 2026 as part of a wage deal it struck with powerful labour union IG Metall, it said on Wednesday.</p>.<p>Jobs will be cut in a socially responsible way, with no forced layoffs until March 31, 2026, Thyssenkrupp said.</p>.<p>The deal also has an immediate "corona crisis package" that includes shortened working hours, which will be implemented over the coming weeks, the company said.</p>.<p>As a result of the pandemic, Thyssenkrupp said it will make production adjustments in its steel business.</p>.<p>"We will have to go into short-time work at many locations in the coming weeks. This will initially affect production-related areas," Oliver Burkhard, executive board member said.</p>.<p>The package also requires Thyssenkrupp Steel Europe's operations to increase short-time work pay to 80%, according to the statement.</p>.<p>The company on Monday scrapped its 2019-2020 profit outlook, blaming the economic downturn triggered by the fast-spreading coronavirus.</p>.<p>The agreement with the labour union applies to all of Thyssenkrupp's steel locations in Germany, it added. </p>
<p>The German elevator-to-car parts conglomerate Thyssenkrupp will cut 3,000 jobs at its steel unit by 2026 as part of a wage deal it struck with powerful labour union IG Metall, it said on Wednesday.</p>.<p>Jobs will be cut in a socially responsible way, with no forced layoffs until March 31, 2026, Thyssenkrupp said.</p>.<p>The deal also has an immediate "corona crisis package" that includes shortened working hours, which will be implemented over the coming weeks, the company said.</p>.<p>As a result of the pandemic, Thyssenkrupp said it will make production adjustments in its steel business.</p>.<p>"We will have to go into short-time work at many locations in the coming weeks. This will initially affect production-related areas," Oliver Burkhard, executive board member said.</p>.<p>The package also requires Thyssenkrupp Steel Europe's operations to increase short-time work pay to 80%, according to the statement.</p>.<p>The company on Monday scrapped its 2019-2020 profit outlook, blaming the economic downturn triggered by the fast-spreading coronavirus.</p>.<p>The agreement with the labour union applies to all of Thyssenkrupp's steel locations in Germany, it added. </p>