Thyssenkrupp approves sale of tk Steel stake

The thyssenkrupp AG supervisory board has approved the participation of energy company EP Corporate Group (EPCG) in thyssenkrupp’s steel business.

EPCG is to acquire 20% of thyssenkrupp Steel Europe. The executive board of thyssenkrupp AG reached an agreement in principle with EPCG at the end of April (see Kallanish 26 April).

Notably, the vote was decided by the supervisory board chairman’s second vote, which went against the votes of employee representatives. Union IG Metall was quick with issuing a statement of its own on the decision. The result based on the double vote of the chairman “has buried the last hopes for a fair and democratic co-existence [of employers and employees],” says thyssenkrupp Steel shop chairman Tekin Nasikkol.

The union emphasises it does not oppose the participation of EPCG in principle. However, it criticises the quick speed of the process as “blind activism”, during which it was not kept properly informed, IG Metal claims.

Meanwhile, thyssenkrupp AG underlines that the entry of EPCG combines the materials capabilities of thyssenkrupp Steel Europe with the energy expertise of EPCG. The group notes that the strategic partnership is a significant contribution to safeguarding the future of the steel industry in Germany.

Christian Koehl Germany