The resignation of four supervisory board members at Thyssenkrupp Steel Europe, subsidiary of German steelmaker Thyssenkrupp and the replacement of three board members have raised the concerns of the German industrial union of metalworkers IG Metall regarding job losses. The union has requested the government to fill the vacant supervisory board seats at Thyssenkrupp Steel Europe.
IG Metalls thinks that the government’s possible involvement in the management would ensure a transparent and fair sharing of the burden between Thyssenkrupp Steel Europe and its parent company Thyssenkrupp. The union stated, “The upcoming restructuring, the planned independence and the green transformation must not be carried out at the expense of the 27,000 employees in the steel sector.”
IG Metall also noted that the sale of a 20 percent stake in ThyssenKrupp Steel to Czech Republic-based energy company EP Corporate Group and the prospects of forming a 50/50 joint venture put the jobs of thousands of employees at risk.