Thyssenkrupp unions warn against subsidy cuts amid decarbonisation

Last week, representatives of the workforce at thyssenkrupp Steel worded an open letter to German economy minister Robert Habeck, warning that looming subsidy cuts could choke off the company’s green ambitions, Kallanish notes.

They announced a rally at the gates of the Duisburg mill complex on 14 June to underline the cause, and invited Habeck to attend the event. The rally will come in anticipation of a meeting on 23 June at which the board of parent thyssenkrupp AG will reconsider its budget for the Steel division.

In the half year from October through March, Thyssenkrupp Steel Europe’s order intake rose 15% on-year to €6.7 billion ($7.2 billion) and revenue by 3% to €6.3 billion, but adjusted Ebit dropped from €603m to €76m.

Thyssenkrupp AG chief executive Martina Merz is stepping down to be replaced by Miguel Ángel López Borrego from 1 June. According to reports in March, the group resumed plans for the spin-off of its Steel division that it suspended late last year.

Christian Koehl Germany