Thyssenkrupp’s Restructuring Plans Raise Concerns Over Thousands of Job Cuts
The proposed restructuring plans of Thyssenkrupp’s CEO, Miguel López, may result in the loss of tens of thousands of jobs, according to the IG Metall trade union. Jürgen Kerner, the union’s second vice-chair and vice-chair of Thyssenkrupp’s supervisory board, expressed concerns that over 20,000 employees could be affected, which would be roughly one in five of the company’s 96,000-strong workforce.
Kerner criticized the plans, stating that they prioritize profit maximization and the interests of shareholders over those of employees. He believes that the CEO’s sole focus is on increasing profits, disregarding the impact on workers. Thyssenkrupp, a major player in the automotive, machinery and steel industries, is planning to spin off its various divisions, with the marine systems group, Thyssenkrupp Marine Systems, being the most advanced in the process.
The company’s CEO, Miguel López, announced plans to fully privatize the divisions and make them attractive for partners or an initial public offering. The supervisory board is expected to discuss the potential IPO of the marine systems group, Thyssenkrupp Marine Systems, in June. However, Kerner noted that several contentious issues still need to be resolved, including the future of worker participation in the company after the IPO.
Kerner also expressed skepticism about the plans of Czech billionaire Daniel Kretinsky, who acquired 20% of Thyssenkrupp Steel Europe’s shares last year and could increase his stake to 50%. The union leader stated that he no longer views Kretinsky as the right investor, citing the billionaire’s reluctance to share his plans with employee representatives for over a year.