ThyssenKrupp, a German industrial conglomerate, is facing a crucial decision regarding the independence of its steel division. The firm’s supervisory board is set to discuss a potential spin-off of the steel unit due to fierce competition from Asian manufacturers and increasing climate demands. The affected division employs around 27,000 people, with 13,000 employees based in Duisburg, Germany.
There are concerns about job losses as a result of the restructuring process, although positions in Duisburg are protected until March 2026. Employees in Duisburg have already protested against the reorganization, expressing fears that the steel division could be spun off without adequate financial resources, potentially leading to insolvency.
In April, ThyssenKrupp sold a 20% stake in its steel division to Czech billionaire Daniel Křetínský in an effort to bolster the struggling unit. The company’s CEO stated that the partnership with Křetínský could help in the decarbonisation of the steel industry.
ThyssenKrupp emphasized the need for far-reaching optimizations in the production network to enhance competitiveness and profitability. The firm is aiming to secure a sustainable future for steel production at the Duisburg site against the backdrop of challenging market conditions. The upcoming discussions by the supervisory board are crucial in determining the future path for the steel division in the face of intense competition and evolving industry demands.
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