Latest news with #TKSE
Yahoo
4 days ago
- Business
- Yahoo
Thyssenkrupp putting 20,000 jobs at risk in overhaul, says union
BERLIN (Reuters) - Germany's IG Metall union sees around a fifth of jobs at Thyssenkrupp at risk, a senior official was quoted as saying on Friday, following the conglomerate's recent plans to turn into a holding company. On Monday, Thyssenkrupp said it would pursue plans to sell minority stakes in three of its five divisions, with the other two - submarines and steel - already in the process of being spun off or partly divested. "The plans could see more than 20,000 employees' positions slashed," Juergen Kerner, deputy chairman of both the IG Metall union and Thyssenkrupp's supervisory board, told Sueddeutsche Zeitung (SZ) newspaper. Thyssenkrupp has already announced plans to cut or outsource up to 11,000 jobs at its steel division TKSE and plans to slash around 1,800 jobs at its automotive unit. Kerner said that Thyssenkrupp's supervisory board would meet in June to approve the spin-off of the group's submarine and warship division TKMS, which is planned for later this year. Turning to steel, Kerner criticised Czech billionaire Daniel Kretinsky, who last year bought a 20% stake in TKSE and is in talks to acquire another 30% contingent on a job cuts deal with workers. "I now consider Mr Kretinsky less and less to be the right buyer," Kerner said, adding the billionaire had resisted sharing his plans for the steel business for more than a year. (Writing by Friederike Heine and Christoph Steitz; Editing by Matthias Williams and Susan Fenton) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Recorder
4 days ago
- Business
- Business Recorder
Thyssenkrupp putting 20,000 jobs at risk in overhaul
BERLIN: Germany's IG Metall union sees around a fifth of jobs at Thyssenkrupp at risk, a senior official was quoted as saying on Friday, following the conglomerate's recent plans to turn into a holding company. On Monday, Thyssenkrupp said it would pursue plans to sell minority stakes in three of its five divisions, with the other two - submarines and steel - already in the process of being spun off or partly divested. 'The plans could see more than 20,000 employees' positions slashed,' Juergen Kerner, deputy chairman of both the IG Metall union and Thyssenkrupp's supervisory board, told Sueddeutsche Zeitung (SZ) newspaper. Thyssenkrupp has already announced plans to cut or outsource up to 11,000 jobs at its steel division TKSE and plans to slash around 1,800 jobs at its automotive unit. Kerner said that Thyssenkrupp's supervisory board would meet in June to approve the spin-off of the group's submarine and warship division TKMS, which is planned for later this year. Turning to steel, Kerner criticised Czech billionaire Daniel Kretinsky, who last year bought a 20% stake in TKSE and is in talks to acquire another 30% contingent on a job cuts deal with workers. 'I now consider Mr Kretinsky less and less to be the right buyer,' Kerner said, adding the billionaire had resisted sharing his plans for the steel business for more than a year.
Reuters
07-04-2025
- Business
- Reuters
Germany's big steelmakers call for swift implementation of EU action plan
DUSSELDORF, April 7 (Reuters) - Thyssenkrupp Steel Europe (TKSE) ( opens new tab and Salzgitter ( opens new tab on Monday called for the EU Commission's action plan to be implemented as swiftly as possible to shield the sector from U.S. President Donald Trump's tariff measures. "Europe must not be left defenceless in the face of growing import pressure," said Gunnar Groebler, CEO of Salzgitter, Germany's second-largest steelmaker, in a statement. Groebler said the EU needed to act decisively while also keeping dialogue with the U.S. open. TKSE, Germany's largest steelmaker, said the plan was an "important impetus" to strengthen the ailing sector's competitiveness as well as decarbonise it. The "current geopolitical situation" made its implementation all the more urgent, said Dennis Grimm, TKSE executive board spokesperson, in a statement to Reuters. In addition, the introduction of binding minimum quotas for "European content" in private and public procurement should be emphasized in order to strengthen domestic markets, he said. European Commission President Ursula von der Leyen held a call with metals industry representatives on Monday and was speaking to the automobile sector later. The calls aimed to collect data for further counter-measures beyond Brussels' upcoming response to Washington's steel duties, which will be voted on later this week. The 27-nation EU bloc faces 25% import tariffs on steel and aluminium and cars.
