IG Metall threatens Thyssenkrupp over sale of steel division stake

Tuesday, 21 May 2024 12:35:25 (GMT+3)   |   Istanbul

According to German newspaper Welt am Sonntag, Germany's industrial union of metalworkers IG Metall has warned German steelmaker Thyssenkrupp against the planned sale of a stake in its European subsidiary ThyssenKrupp Steel without consulting employees. This week, Thyssenkrupp's supervisory board will vote on the divestment and on the day of the meeting day IG Metall is planning a large demonstration to ask management to decide whether it wants “months of unrest” among the workforce and at company locations.

Thyssenkrupp has agreed to sell a 20 percent stake in its European steel division to Czech Republic-based energy company EP Corporate Group (EPCG), as SteelOrbis previously reported. In addition, the company also plans to sell a further 30 percent of its shares to EPCG. The union wants a written declaration securing employment and location and investment commitments over several years.

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