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Thyssenkrupp Works Council Demands Investment in Steel Unit

Steel News - Published on Tue, 03 Dec 2019

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Reuters reported that Thyssenkrupp Work Council Head Mr Tekin Nasikkol said that Thyssenkrupp needs to pour EUR 1.5 billion into its core steel business after years of underinvestment has left at a competitive disadvantage, the head of its works council. He said “It is about the existence of steel at ThyssenKrupp. The core business has been badly affected by overambitious cost-saving programmes after failed investments in the Americas and three years of fruitless talks about a steel joint venture with Tata Steel.”

The labour chief’s comments come days after Union Investment, a top-10 investor in the ailing German conglomerate, raised pressure on management to present a turnaround plan for the steel unit or drop the business.

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Posted By : Rabi Wangkhem on Tue, 03 Dec 2019
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