Thyssenkrupp’s Plight Sparks Concerns of a Catastrophic Consequences for the Steel Industry
The German steel conglomerate Thyssenkrupp is on the brink of collapse, according to recent media reports. In response, the CDU’s worker’s wing has described the situation as “highly dramatic” for the entire steel industry’s value chain. The CDU’s chairman, Dennis Radtke, expressed his concerns in an interview with the German magazine Stern on Monday.
Radtke warned that a complete collapse must be averted to prevent future dependence on China and emphasized the need for a collective effort and a foundation of trust. He appealed to Chancellor Friedrich Merz, urging him to make the issue a top priority and provide national responses in line with the European Action Plan.
Radtke, a native of North Rhine-Westphalia and a member of the IG BCE trade union, has been vocal about the steel industry’s struggles. Thyssenkrupp has been in a state of crisis for a long time, with the management previously describing the market environment as “persistently challenging and difficult”.