ThyssenKrupp, the largest steel maker in Germany, said on November 25 that it would eliminate up to 11,000 jobs out of its current workforce of 27,000 by 2030 — more than 40% — as economic pressures mount.

The New York Times says the company hopes the cut-back will return it to profitability as Germany struggles to overcome economic weakness that has hindered growth for nearly two years.

The German steel industry already faces pressure from Asian competitors and high energy prices, but the outlook is worsened by threatened tariffs imported into the U.S. by President-elect Donald. ThyssenKrupp was among those hurt by the tariffs the first Trump administration imposed on steel and aluminum.

ThyssenKrupp said that it would reduce the amount of steel it produced each year down to no more than 10 million U.S. tons, from its current level of 12.6 million U.S. tons, allowing it to eliminate 5,000 jobs. Another 6,000 jobs will be cut through the sale of business activities or seeking external providers, the company said without elaborating.

“Urgent measures are required to improve ThyssenKrupp Steel’s own productivity and operating efficiency and to achieve a competitive cost level,” the company said in a statement November 25. “The key issues paper will be fleshed out in the coming weeks in dialog with the supervisory bodies and employee representatives.”