The Ruhr group loses speed during its restructuring.
(Photo: dpa (M))
The past few years have been associated with great uncertainty for German industry. First, global lockdown measures as a result of the pandemic forced many companies to interrupt production. Now the country is trembling as Russia threatens to stop supplying gas, which is throwing the European energy landscape upside down.
Numerous companies have therefore initially put important decisions on the back burner – as has the industrial group Thyssen-Krupp. He has put both the independence of his steel division and the IPO of his hydrogen subsidiary on hold because of the bad environment.
Basically, this cautious attitude is understandable. After all, no one can predict with certainty the direction in which the global economy will head next year.
But simply waiting until the dark clouds have passed one day is not enough. Because what happens if there is actually a gas supply stop or if the conflict between the West and Russia or even China intensifies?
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The probability that Russia will turn off the tap or that the crises will intensify is not small. On the contrary, there are currently many indications that the economy cannot expect a recovery in the coming year, but must prepare for a longer recession.
>> Read also: “Thyssen-Krupp doesn’t know where it’s headed” – The Ruhr group is struggling for its future
In this case, Thyssen-Krupp must position its business clearly: Is the group prepared to step in financially if, for example, the steel division is unable to make future investments in decarbonization due to the difficult environment? Can (and will) the headquarters in Essen finance the ramp-up of the hydrogen business itself if the environment for an IPO does not improve in the near future?
The employees are currently not getting any concrete answers from management to either of these questions. They are merely put off by saying that the economic environment does not allow for reliable forecasts. But in doing so, the group ultimately makes itself the victim of seemingly unchangeable circumstances.
What is missing is a clear future perspective with which Thyssen-Krupp will become a player again instead of just reacting to external shocks. Because sometimes a supposedly bad decision is better than none at all.
More: Imminent gas supply stop: Industry is preparing to shut down production