In opposition to the mass demonstrations by steelworkers, - Thyssenkrupp's oversight committee advances shareholder involvement
The decision was made following the second vote against the employee representatives by the Chairman of the Supervisory Board, as stated by Thyssenkrupp. This comes after the Executive Board reached a preliminary agreement with investor company EPCG von Kretinsky at the end of April.
EPCG aims to increase its stake by an additional 30 percent to a total of 50 percent, resulting in the steel division becoming independent.
Potential loss of thousands of jobs
Employees of Thyssenkrupp Steel are uncertain about the billionaire's plans, calling for more involvement in the decision-making process. Tekin Nasikkol, General Works Council member of the Thyssenkrupp Steel division, states, "We don't have an issue with billionaires so long as he invests in the steel industry. But he needs to prove that to us."
IG Metall trade union expressed concerns over the lack of clarity regarding EPCG's planned investment. Jürgen Kerner, second chairman of IG Metall, articulated the potential risks from the sale, stating, "The steel board is currently working on a restructuring plan that might result in the loss of thousands of jobs."
However, the company defends the move, asserting, "The strategic partnership with EPCG is a crucial step towards achieving affordable steel production at Thyssenkrupp Steel - and thus a significant contribution to safeguarding the German steel industry."
Thyssenkrupp Steel is Germany's biggest steel company, with nearly 27,000 employees, 13,000 of whom work in Duisburg.
Kretinsky: Diverse investments across industries
Kretinsky, the investor, has a wide-ranging portfolio. Beyond the Czech Republic, he holds stakes in companies in various European sectors, including energy, media, retail, and sports clubs. As the third richest Czech, boasting a current fortune of approximately 8.8 billion euros, he is known for targeting undervalued companies and maximizing their potential.
Kretinsky remains tight-lipped about what this means for Thyssenkrupp Steel and its workforce. Group CEO Miguel López provided assurance that there would be "no forced layoffs," emphasizing the pursuit of "socially acceptable solutions."
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Source: symclub.org
