Economic Affairs Minister of North Rhine-Westphalia expresses worry over Thyssenkrupp's situation.
North Rhine-Westphalia Minister of Economics Expresses Concern over Thyssenkrupp's Alleged Dismantling
The Ministry of Economics in Düsseldorf has expressed concern about the potential disintegration of industrial giant Thyssenkrupp, following rumors of drastic restructuring measures. Mona Neubaur, the Green Minister of Economics, has urged the company for transparency, warning against potential job cuts and the negative impact of disintegration plans on the company's employees.
In an interview with the "Rheinische Post," Neubaur emphasized the need for reliability and a clear direction for Thyssenkrupp, stating, "Public speculation about the disintegration of the company is toxic for constructive solutions." She emphasized that the strategic realignment of the company could be an opportunity if implemented with restraint, social responsibility, and a commitment to the industrial locations in North Rhine-Westphalia (NRW).
Neubaur reiterated the state's commitment to preserving and transforming industrial value creation, highlighting the largest individual funding in the history of NRW – for climate-friendly steel production, industrial strength, and secure jobs.
After reports of planned disintegration over the weekend, Thyssenkrupp announced that it would present the future orientation of the entire company to the supervisory board by the end of the current fiscal year 2024/25. The company intends to make all business areas independent and open them up for third-party participation, gradually creating separate entities.
The works council and labor union IG Metall have shown a willingness to discuss the plans but have raised concerns about the potential disintegration of the company and its impact on the workforce. Jürgen Kerner, the second chairman of IG Metall and deputy chairman of the supervisory board, has emphasized the need for future visions with prospects for employees and locations in all areas. Clear statements on employment and locations are required to prevent dismissals due to operational reasons.
Thyssenkrupp's restructuring aims to separate its conglomerate into several standalone businesses, primarily in steel, automotive parts, and green technologies. The company has initiated the spin-off of the Material Services and Automation Technology divisions, with plans to make them ready for capital market activities in the coming years.
Negotiations between IG Metall and Thyssenkrupp Steel are ongoing, with the intention of reaching a collective bargaining agreement by summer 2025. This agreement is expected to address employee protections, social plans, and the future direction of the company. The Ministry of Economics plays a crucial role in ensuring that the restructuring is carried out in a fair and socially responsible manner.
Community policy should be established to address the potential impacts of Thyssenkrupp's restructuring on its employees, considering the vocational training programs that are essential for the future of the industry in North Rhine-Westphalia. The ministry's involvement in the process is crucial, as the finance and business aspects of the strategic realignment need to be balanced with social responsibility.
