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Thyssenkrupp workers want clarity on company's steel plans

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By Reuters
Thyssenkrupp workers want clarity on company's steel plans
The logo of Thyssenkrupp is seen near elevators in its headquarters in Essen, Germany, November 21, 2019. REUTERS/Leon Kuegeler   -   Copyright  LEON KUEGELER(Reuters)

DUESSELDORF, Germany (Reuters) – Thyssenkrupp <TKAG.DE> steel workers have demanded major investments and criticised management for delaying a presentation about its plans for the steel business.

The Germany industrial conglomerate is trying to recover after four profit warnings and two failed attempts to restructure since July 2018. The company is aiming to cut thousands of jobs and sell off some of its divisions.

The steel business, whose roots go back more than 200 years, has suffered a sharp fall in profits and Thyssenkrupp is planning about 2,000 job cuts.

“We demand a clear commitment from Thyssenkrupp with regard to steel,” Detlef Wetzel, vice supervisory board chairman of Thyssenkrupp Steel Europe, told Reuters on Monday. “We demand certainty for employees. It’s long overdue.”

Thyssenkrupp’s steel workers will demonstrate on Dec. 3 but there were no further details.

Thyssenkrupp Steel Europe employs about 27,000 people and its workers have been anxious about the future of the division after a deal to merge it with the European division of Indian peer Tata Steel <TISC.NS> failed earlier this year.

The company had originally pledged to present a new steel strategy this month, which has now been delayed to December.

Thyssenkrupp board member Klaus Keysberg last month said that the elevator-to-submarine conglomerate will remain committed to steel, not providing any further details.

(Reporting by Tom Kaeckenhoff; Writing by Christoph Steitz. Editing by Jane Merriman)