ThyssenKrupp is to cut more than 2,000 workers as part of plans to reduce costs in response to a slump in demand in the volatile steel sector.
Sales of assets could see an additional 1,800 people leaving.
The German steelmaker said it is considering closing, relocating or selling business units and facilities including plants in the Ruhr region of Germany and Spain.
It is also seeking a fresh start after scandals cost half its top managers their jobs last year.
Europe’s steelmakers are stuck with a lot of overcapacity.
Industry experts say annual demand in a “normal market is no more than 160 million metric tons, but there is currently the capacity to produce around 210 million.