PRESS STATEMENT IG Metall on today’s supervisory board meeting of thyssenkrupp Steel Europe AG

Jürgen Kerner, Second Chairman of IG Metall and Deputy Chairman of the Supervisory Board of thyssenkrupp AG, on today’s Supervisory Board meeting of thyssenkrupp Steel Europe AG:

“The replacement of the three experienced members of the Steel Executive Board sets us back by miles. These personnel decisions divert attention from the actual problems that remain unresolved. This is damaging to the company. A good year after Mr. Lopez took office as CEO, we are facing a shambles. The shareholder representatives on the AG side must ask themselves to what extent they have contributed to this escalation.

Not a single problem has been solved by this escalation. On the contrary: everything is being postponed, and finding solutions is becoming more difficult. I note that the IDW6 expert opinion has not yet been commissioned. The financing of a restructuring has not been clarified. There is no consensus on a business plan for spinning off the steel division. Mr. Kretinsky’s involvement? Unclear. Cost management for the construction of the DRI plant? I am not aware of it. A possible spin-off of HKM? Radio silence.

Thyssenkrupp Steel is facing what may be the greatest crisis in its history. It’s all or nothing. What we urgently need right now is calm, continuity, and an experienced management team that is fully focused on tackling these immense challenges. Instead, what we have is utter chaos: the experienced steel executive board forced out of the company in a reckless move, the steel supervisory board duped, and politicians on edge. The company’s value has halved under Mr. Lopez. Tens of thousands of employees are deeply unsettled.

Things cannot go on like this. I appeal to Mr. Lopez and the shareholders to finally come to their senses. Too much is at stake. I expect a return to addressing the real problems and to solutions that enjoy broad support.

I would like to thank Sigmar Gabriel and Detlef Wetzel for their tremendous commitment. Both have spent the last few months trying to find solutions that are fair to everyone.

The employee representatives on the Supervisory Board of thyssenkrupp AG are requesting a special meeting of the Supervisory Board to clarify the current situation. The employees need clarity now. They have a right to know what will happen next.”