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U do Meyer is crane operator at ThyssenKrupp Steel Europe in Duisburg-Hüttenheim. He has been here for seven years, previously working for a temporary work agency. With the permanent position in the traditional business, uncertain times are over, thought the father of a little girl. But then the message that ThyssenKrupp wants to say goodbye to steel has come. Now, Meyer is also in favor of a partnership with Tata Steel Europe. "The merger is the best for me, so we have an employment guarantee for a few years." Because at age 45, it was not rosy to find another job in Duisburg.
For over a year, Heinrich Hiesinger Workers have been negotiating to get approval for their merger plan. Discussions with unions and business committees dragged on until Christmas. The two parties then agreed on a collective agreement for the 27,800 steelmakers, more than 25,000 of whom work in North Rhine-Westphalia. According to the agreement, there should be no layoffs until September 30, 2026. ThyssenKrupp also gave an inventory guarantee for most of the 20 sites. With this agreement in the back Hiesinger wanted to have the merger with Tata within a year and a half in the roof. After a fierce battle and further discussions with the employers, they finally agreed Friday afternoon to the supervisory board of the parent company for the split of the steel mill.
Birth of a new steel giant
With 48,000 employees, ThyssenKrupp Tata Steel becomes the second largest steel group in Europe after Arcelor-Mittal, thanks to synergies from 400 to 600 million euros. who is suffering mainly from cheap imports from Asia. With sales of around 15 billion euros, ThyssenKrupp Tata Steel would deliver about 21 million tons of steel each year. "The joint venture now decided is better than a joint venture, which would have emerged without the participation of employees," said company committee chief, Wilhelm Segerath. A merger of steel with Tata has never been the wish. But that's the best alternative. "It can not be ThyssenKrupp should be operated as a second-hand car and people should land on scrap."
After the decision, CEO Hiesinger can now present his new strategy for ThyssenKrupp, where then without often faltering Steel elevators, escalators, auto parts and industrial facilities are expected to be the object of the decision. special attention. The fact that the Essen supervisory board had to struggle until the end of the week for the merger to be approved was also due to the new difficulties that had opened in recent months. While ThyssenKrupp had basically arranged everything for the merger with Tata, the other party did not seem to progress so fast. The decision to leave the EU in the UK resulted in a change of management at Tata and relatively late negotiations with employees.
After a solution to multi-billion pension obligations in the United Kingdom, Tata would have had special rights in the Netherlands. and make concessions that could be detrimental to German ThyssenKrupp sites, the concern of the Steel Works Council of Duisburg. In addition, the steel business of ThyssenKrupp was better than Tata. From the shareholders' point of view, this created a new "valuation gap" that would require renegotiation with the Indians. The amount of this difference ranged between 300 million and one billion, which the American financial investor Elliott would have calculated [189] [189] With Elliott, the CEO Hiesinger now has with the Swedish shareholder Cevian a second major shareholder, who pushes up profits. And rumors suggest that Americans even want to work to replace Hiesinger as CEO. Until now, however, both investors control a maximum of 23% of ThyssenKrupp's shares. Another 21% is held by the Essen Krupp Foundation, which has a majority in the supervisory board with representatives of employees and unions and finally also agreed on Friday. So, Hiesinger can keep his schedule, according to which in the middle of the year everything should be in a dry towel. And a successful steel merger is likely to strengthen Hiesinger's position
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Apparently it was agreed with Tata that ThyssenKrupp's interest in the new company was badessed to three figures millions and the Essenes thus receive a higher share. The voting rights, however, should be 50:50 as expected. A solution has also been found for the involvement of Dutch unions, according to informed circles. Since the weekend, the companies have been informed of the result and about 3,000 executives are summoned Tuesday in Bochum
ThyssenKrupp still wants to participate in the joint venture for at least six years, its headquarters being located near Amsterdam. In a possible IPO, the Essenes could reduce their commitment sooner. However, they should then remain involved with 25.05% of the votes and therefore with a so-called blocking minority, in order to represent the interests of employees employed in Germany. In addition, investments in German sites will continue at current levels, with at least 400 million euros per year. Existing training and continuing education capabilities must also be maintained
. The merger of an industrial logic, which has now been initiated, is convinced by the leadership of the group around Heinrich Hiesinger. The alliance with Tata Steel Europe is the only survival strategy in a market characterized by high overcapacity and low-cost competition. And the new US policy with tariff barriers would increase the pressure of imports on European manufacturers. The new construction could better respond to this, especially as the three main factories in Duisburg, IJmuiden in the Netherlands and Port Talbot in the UK are well connected.
The provincial government of North Rhine-Westphalia very early understood the plans of ThyssenKrupp. Chief Hiesinger has applied for a joint venture with Tata Steel. It is not a progressive settlement, but a strengthening of the presence of companies in a network, said the Minister of Economy NRW Andreas Pinkwart a few days before the Wirtschaftspublizistische Vereinigung in Düsseldorf. "Crucial is that this merged company is well managed and that there is a good development of Europe."
For next Monday, the FDP politician is now invited to a steel summit in Düsseldorf. With boards of directors and business councils from large corporations as well as representatives of unions and parliamentarians, Pinkwart wants to talk about current trade conflicts, the compatibility of climate protection and industrial competitiveness as well as than a safe and affordable energy supply. Pinkwart sees steel as an indispensable material of the future.
However, it is still questionable how long ThyssenKrupp Tata Steel will be able to hold its place. Duisburg Peter Weyler, 64, worries about the youngest. His son is now in the third generation at Thyssen. "Many ask: Can I still hold my little house, pay the installments?" For Weyler is unthinkable, what would happen once there was more steel production in the Ruhr area. That's why he wants to keep fighting. For the preservation of the German steel industry.
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