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In the context of global overcapacity in the steel sector, competitors Thyssenkrupp and Tata come together to found together the second largest steel group in Europe. After more than two years of negotiations, the two companies signed the contracts for a steel joint venture. This paves the way for further restructuring at ThyssenKrupp. The goal is to create the second largest European steel group after Arcelor-Mittal with 48,000 employees, a turnover of 17 billion euros and factories in Germany, the United Kingdom and the Countries -Low. Thyssenkrupp must be involved with a 50% share. Annual synergies of 400 to 500 million euros are expected. The operation is subject to the authorization of the competition authorities.
The Thyssenkrupp Tata Steel joint venture will be based in the Netherlands. "With this joint venture, we guarantee a long-term competitive position in the European steel industry, with a convincing industrial concept and a clear strategic logic," said Heinrich Hiesinger, CEO of Thyssenkrupp. "This will give us long-term jobs and value chains in the major European industries."
For the director who has been at the helm for seven years, the agreement that has now been reached is a long-awaited release. More recently, it has been under pressure because shareholders have demanded more speed in the transformation of the Ruhr Group. Individual investors such as American investor Paul Singer and his hedge fund Elliott had attacked the boss of ThyssenKrupp in particular.
"Hiesinger is now much stronger in the saddle," said Thomas Hechtfischer of the German Protection Association. Title property (DSW). The balance sheet of the group seems much better. Now the strategy is eagerly awaited. "Now everyone wants to know how things are going," said the pike fisherman
Groaktionr urges
Thyssenkrupp joint venture Cevian is pushing for another reorganization of the conglomerate. "The creation of the steel joint venture and the splitting of the steel business of Thyssenkrupp AG go in the direction of reducing the complexity of the conglomerate's structure," said Cevian founder Lars Frberg. "Now, every division must be rigorously tested for the most appropriate structure and ownership ratios." The business units of the Group could only survive and succeed if they were thin and well positioned.
Cevian, according to Krupp The foundation of the second largest shareholder of ThyssenKrupp, insists: "The joint venture must now be carried out quickly and with the necessary consequences, so that its full potential can be exhausted," said Frberg. Industry experts badume that Thyssenkrupp will also introduce its subsidiary Material Services after the steel division and will seek a complete or partial separation of its Marine Systems subsidiary.
After protests, employee representatives recently reported their approval of Stahlfusion. "I am pleased that we have clarity and that after a long period of insecurity, employees now know where the trip is heading," said Tekin Nasikkol, chairman of Thyssenkrupp's company committee. Steel Mill. "We expect the workforce to be supported and communicated openly, and we expect the Management Board to include co-determination in the joint venture from the outset." The German steel cookers had already received a guarantee from Employment up to 30 September 2026, as well as long-term security of the site.However, it is planned to reduce up to 4,000 jobs, about half of them in Germany
New cuts
Finally, the valuation issues were the subject of complex discussions.In the case of a liquidation Thyssenkrupp must receive a higher share of 55% in the Erls, Tata 45%.
Experts such as Professor Roland Dhrn of RWI – Leibniz Institute for Economic Research do not exclude cuts in the steel sector either. "These mergers are often the first step for adjustments" said Dhrn. if he is convinced that the negotiated guarantees are reliable. "The biggest problem for the steel industry is that demand is declining because of structural changes," says Dhrn. Many products, like cars, used less and less steel because they became lighter and lighter. "These are developments that the industry can not escape," said Dhrn. The steel industry is therefore facing other capacity adjustments around the world.
(dpa, rtr)
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