PRESS STATEMENT “thyssenkrupp AG is shirking its responsibility toward its employees”

At its meeting today, the thyssenkrupp AG Supervisory Board approved the investment by the energy company EP Corporate Group (EPCG) in thyssenkrupp’s steel business. The decision was made using the Supervisory Board Chair’s second vote, against the votes of the employee representatives. Jürgen Kerner and Tekin Nasikkol comment on this.

Jürgen Kerner, Second Chairman of IG Metall and Deputy Chairman of the Supervisory Board of thyssenkrupp AG: “History was made today at thyssenkrupp—and in the worst possible sense. By selling the 20 percent stake to EPCG, the shareholders led by Mr. Russwurm, together with CEO Mr. Lopez, are severing the ties between thyssenkrupp AG and Stahl AG. We are convinced that the risks arising from this move remain entirely unclear. 

This reckless maneuver is taking place, of all times, during turbulent times: The Steel division’s Executive Board is currently working on a restructuring plan that will likely result in the loss of thousands of jobs. The restructuring will cost billions. My conclusion: thyssenkrupp AG is shirking its responsibility toward its employees even before the plan for the Steel division has even been finalized. 

The employee representatives expressly welcome EPCG’s willingness to get involved in the steel division. We also understand that Mr. Kretinsky would like to gain insight into the development of the new plan. However, neither this hasty approach nor an immediate 20-percent stake is necessary for that. Rather, what is needed now is prudence and clarity. Instead, there is a frenzy of action aimed at spinning off the steel division into an independent entity. This will meet with our fierce resistance.”

Tekin Nasikkol, GBR Chairman of tkSE AG & KBR Chairman of tkAG:“With Russwurm’s double vote, the last hopes for fair, democratic cooperation have been buried. The future of Germany’s largest steel producer faces uncertain times. Lopez is acting irresponsibly and taking a huge risk. Nothing like this has ever happened at thyssenkrupp. We are now in conflict mode.”