The CEO has so far only commented on the criticism of her course internally.
(Photo: IMAGO/sepp spiegl)
Dusseldorf After a meeting of the supervisory board, the employee representatives at Thyssen-Krupp sharply criticized the board of directors around group boss Martina Merz. Merz’ concept of a “group of companies” had failed, according to a letter from the employee representatives to the works councils and employees available to the Reuters news agency on Friday. The letter is also available in the Handelsblatt.
“The board of directors has been missing an overall concept for months.” Nothing has changed since last autumn and time has again been wasted unnecessarily. “That is not acceptable.” It must be examined together which businesses could be developed on their own or what partners would be needed for.
In the case of the steel activities, the employee representatives are still willing to examine a possible independence. The focus is that an independent steel business must have the necessary financial resources. The Handelsblatt had recently reported on discrepancies within the group.
“We expect that the employees’ side will be involved here in a timely and transparent manner.” There is a lot of speculation in the press, but no concrete plans that are known to the employee representatives or that have been discussed. “So nothing was decided.”
According to insiders, the Brazilian competitor CSN, the financial investor CVC and the Indian Jindal Group have expressed an interest in acquiring the steel business. Merz wants to make the steel business independent. However, she left open how this should happen – for example with a partial or complete sale, a partnership, an IPO or a spin-off. Employee representatives and IG Metall are following the plans critically.
An expanded steel strategy is to follow in May
The group did not want to comment on the supervisory board meeting. In an internal employee information available to Reuters, the manager confirmed her course. “We have always said that an independent structure offers steel the best possible future prospects. That applies unchanged. And that’s why we’re continuing on this path,” emphasized Merz.
An independent steel division can enter into partnerships – and thus possibly get secure access to very competitive energy costs. “This is of interest to Stahl and possible partners, and therefore also to us.
It is still unclear how the traditional division will continue.
(Photo: Reuters)
The Steel Board, headed by Bernhard Osburg, is to present a further developed “Steel Strategy 2030+” in May. “We are working on being able to recommend one or the other specific directional decision in May.” Wherever possible partners are discussed, however, it is not in your own hands.
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According to the employee representatives, there was agreement on how to proceed at the Marine Systems subsidiary. Together they support the preparations for the independence of the business with the aim of creating all the necessary, including financial, conditions to successfully implement the process of becoming independent.
An accompanying commission will start its work on this in the near future. “We are convinced that the necessary investments in growth in military products as well as in civil applications can be better realized in an independent setup.”
More: Slump in the materials business – Thyssen-Krupp profit falls by a third.