Steel Europe Soon to Be Best-in-Class Again
ThyssenKrupp Steel Europe hopes to save 500 million euros by implementing a new program, ‘Best-in-Class Reloaded’ (or BiC Reloaded).
ThyssenKrupp Steel Europe hopes to save 500 million euros by implementing a new program, ‘Best-in-Class Reloaded’ (or BiC Reloaded). This entails a total of nine different cost-cutting initiatives. At the same time, BiC Reloaded aims to improve product quality, customer relationships, as well as technological and logistical capabilities.
A lot of reevaluating needs to be done in order to maintain competitiveness. Cuts in the areas of production, maintenance, sales, and administration are unavoidable. This will involve the closure or relocation of several company sites. The employee cuts will be regulated by a social plan, which includes help with additional costs incurred by employees due to relocation.
However, BiC is much more than just a cost reduction scheme. Long-term goals include an improvement of production quality, faster development of innovations, and substantial improvement of collaborative work between the business areas.