Struggling German Steel Giant Thyssenkrupp Plans Major Overhaul

Thyssenkrupp, Owner of Germany’s Iconic Steelmaker, to Become Holding Company After 200 Years

The owner of Germany’s largest steelmaker, Thyssenkrupp, said on Monday it aims to turn into a holding company after two centuries as a manufacturer. The company, once a symbol of German manufacturing might, has struggled in recent years with high costs, tariffs, cheaper Asian competitors, and difficulties around the steel industry’s green transition. On May 26, Thyssenkrupp said it is planning to sell minority stakes in its automotive, material…

Reports of drastic conversion measures at Thyssenkrupp are frightening the state government in Düsseldorf. The green minister of economics warns of demolition plans and job cuts. The head of the company presents its plans, but lacks any indications of possible job cuts.

The industrial group Thyssenkrupp has confirmed the planned separation of other parts of the company. As the company announced in Essen, the various divisions are to be independent and sold in part.

Struggling German steel giant Thyssenkrupp plans major overhaul

Thyssenkrupp said Monday it planned a major overhaul that will split the vast conglomerate into several standalone businesses, fuelling fears about further job losses and a looming break-up of the historic German industrial titan.

At Thyssenkrupp, with large locations in Essen, Duisburg, Bochum and Dortmund, fear is being handled.

Thyssenkrupp is probably preparing for a major conversion. While investors can look forward to it, the employees have to fear.