Thyssenkrupp's restructuring strategy involves risky moves, according to Neubaur.
Thyssenkrupp Restructuring Discussed in North Rhine-Westphalia Parliament
date: May 28, 2025, 16:15
Germany's industrial conglomerate Thyssenkrupp is facing significant restructuring plans, with a focus on splitting the company into standalone businesses. The North Rhine-Westphalia state parliament held discussions on the matter in two committees, with Minister of Economics Mona Neubaur urging a more measured perspective.
Neubaur (Greens) criticized the doomsday atmosphere surrounding the restructuring, emphasizing the need for a more nuanced tone. She acknowledged the concerns of employees but dismissed claims that the state was not taking sufficient action. Critics, primarily from the SPD, have expressed concern over the potential dismantling of Thyssenkrupp.
André Stinka, SPD economic and energy politician, accused the state government of passively accepting Thyssenkrupp's current developments. He urged Minister President Hendrik Wüst (CDU) to convene a crisis meeting. Stinka also criticized Neubaur for relinquishing her seat on the Thyssenkrupp supervisory board.
Thyssenkrupp's plans call for making all business areas independent, with third-party participation. The works council and IG Metall have expressed concerns, like the SPD, about the potential dismantling of the company, which employs nearly 100,000 people. Thyssenkrupp defends its strategy, stating that the planned joint venture with a holding company of Czech billionaire Daniel Kretinsky sets the course for restructuring rather than dismantling the company.
In the plans for Marine Systems, Thyssenkrupp Marine Systems (TKMS), which builds submarines among other things, jobs are ensured. A stock market listing of Marine Systems is planned for this calendar year, with a minority stake to be sold. Minister of Economics Neubaur will closely monitor this process, engaging with the company, works council, and trade union.
The CDU's social wing expressed concern, demanding that Chancellor Merz prioritize the rescue of the steel industry. They also criticized Thyssenkrupp's communication. The Economic Committee favored a more subdued tone, while the Labor and Social Affairs Committee underscored the importance of maintaining employees' co-determination rights and avoiding operational dismissals.
Background Information:
Thyssenkrupp Steel Europe is realigning its business, with a focus on ending its supply contract with Hüttenwerke Krupp Mannesmann (HKM) by 2032. A joint venture with EPG is planned for Q3 2025, and a labor agreement with IG Metall is expected by summer 2025. Thyssenkrupp Marine Systems is preparing for a partial spinoff and listing on the Frankfurt Stock Exchange by Q4 2025. Materials Services and Automotive Technology units are slated for spin-offs in 2026.
State governments, like North Rhine-Westphalia, could potentially support industrial transformations through policies, incentives, or regulatory frameworks. However, detailed information on the state government's specific involvement in Thyssenkrupp's restructuring process is not provided in the current sources.
- The restructuring of Germany's Thyssenkrupp, a significant player in the country's industry and finance sectors, is being discussed in the North Rhine-Westphalia state parliament, a hot topic in both business and general-news circles.
- Minister of Economics Mona Neubaur (Greens) from North Rhine-Westphalia is urging a more measured perspective on Thyssenkrupp's restructuring, recognizing employees' concerns but dismissing claims that the state is not taking sufficient action.
- The general-news focus also includes politicians from other parties, such as André Stinka (SPD), who has criticized the state government for passively accepting Thyssenkrupp's current developments and urged the convening of a crisis meeting.
