Latest news with #Thyssenkrupp
Yahoo
a day 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
a day 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
a day ago
- Business
- Reuters
German union fears 20,000 job cuts at Thyssenkrupp, newspaper reports
BERLIN, May 30 (Reuters) - Germany's IG Metall union sees more than 20,000 jobs at risk at Thyssenkrupp ( opens new tab, Sueddeutsche Zeitung reported on Friday, three days after the conglomerate announced plans to sell minority stakes in three divisions as part of a wider overhaul. "The plans could see more than 20,000 employees' positions slashed," said Juergen Kerner, deputy chairman of IG Metall and Thyssenkrupp supervisory board member, told the newspaper.
Asia Times
2 days ago
- Business
- Asia Times
For Ukraine, the worst is yet to come
Subscribe now with a one-month trial for only $1, then enjoy the first year at an exclusive rate of just $99. Ukraine, Russia trade blows amid diplomatic non-starters James Davis analyzes the sharp escalation in the Russia-Ukraine war as Kiev intensifies drone attacks on Russian territory, trying to provoke a retaliatory response that could reignite Western support amid mounting battlefield losses and dwindling manpower. Thyssenkrupp's breakup in the shadow of Europe's militarization Diego Faßnacht examines Thyssenkrupp's transformation into a 'lean financial holding' as a stark emblem of Germany's evolving industrial landscape, one marked by the fragmentation of its industrial core and a growing subordination to geopolitical and military imperatives. ASEAN, China, GCC summit shifts the strategic balance Scott Foster sees the recent ASEAN-China-GCC summit in Malaysia as a watershed moment demonstrating how the parties involved are forging a new axis of influence centered on economic connectivity, multipolar diplomacy, and strategic autonomy from the West.
Epoch Times
4 days ago
- Business
- Epoch Times
Thyssenkrupp, Owner of Germany's Iconic Steelmaker, to Become Holding Company After 200 Years
The owner of Germany's largest steelmaker, Thyssenkrupp, said on Monday it aims to turn into a holding company after two centuries as a manufacturer. The company, once a symbol of German manufacturing might, has struggled in recent years with high costs, tariffs, cheaper Asian competitors, and difficulties around the steel industry's green transition. On May 26, Thyssenkrupp said it is planning to Thyssenkrupp is the result of a 1999 merger between Germany's oldest industrial giants Krupp, which was founded in 1811, and Thyssen, which was founded in 1891. The company now says the aim is to become a holding company, a setup that does not produce goods or services itself but instead owns shares in other companies, with shareholdings in independent business areas. 'Such a step will enable us to leverage the full value creation potential of the businesses and use their independence in a targeted way for investments, market opportunities, and further growth,' Thyssenkrupp CEO Miguel Lopez said. Related Stories 5/22/2025 12/21/2024 Earlier in the month, Thyssenkrupp said that it planned to cut 11,000 of its 27,000 jobs—or around 40 percent of its steel workforce—over the coming years. On May 15, Thyssenkrupp's steel division—of which Czech billionaire Daniel Kretinsky owns 20 percent and wants to By 2045 at the latest, steel production in Germany must produce 'almost zero' emissions due to German laws aimed at making the entire economy greenhouse-gas neutral. Authorities want However, earlier in the month, Thyssenkrupp said that it can't guarantee that its 3-billion-euro ($3.3 billion) 'green steel site,' the company's single biggest investment, will be economical. Lopez said that his expectation was that sufficient amounts of affordable green hydrogen would be available at the time of completion. However, now he says those assumptions were too ambitious. 'Under the current conditions, there is no guarantee that we will be able to operate the plant economically in the foreseeable future,' Lopez said. 'If this does not change, there is a risk that Duisburg will be home to one of the world's most modern steel production plants, without an adequate supply of the desired green hydrogen.' The co-leader of the populist Alternative for Germany (AfD) party, which came a close second in recent federal elections, said the breakup of Thyssenkrupp 'symbolizes the decline of our economy.' 'The once proud steel company is representative of many German companies that are running out of steam due to high costs,' Alice Weidel The United States maintains a 25 percent tariff on EU steel and aluminum imports as well as reciprocal tariffs of 10 percent on almost all other goods. The implementation of a further Germany, Europe's largest economy, is known for its skilled labor force and high-end exports. According to a The country has been struggling with the loss of affordable Russian gas, historic Volkswagen plant closures, and fierce competition from cheaper Chinese electric vehicles. The German government's deficit is set to remain elevated, and the government debt ratio is expected to increase to 64.7 percent of gross domestic product in 2026. Reuters and Guy Birchall contributed to this report.
