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Thyssenkrupp employees desire promises on financial investment, jobs ahead of steel business revamp

Thyssenkrupp workers on Friday prepared a list of conditions for a. prospective sale of the group's steel organization, consisting of a. commitment on investments and job protection.

Talks over the future of Thyssenkrupp Steel Europe,. Germany's biggest steelmaker, have heated up with the division's. management presently dealing with a revamp plan to take on. overcapacity, high expenses and cheap Asian competition.

There are fears that the business's 27,000 jobs along with. the 11.5 million tonnes of annual production capability will be. ripe for cuts when the strategies are discussed in the pertinent. committees in mid-April.

IG Metall, Germany's greatest union that wields significant. control over strategic matters at Thyssenkrupp, said whatever is. chosen for the steel business there need to be a clear future. strategy, consisting of financial investment dedications.

Things look bad for Thyssenkrupp Steel Europe, and the IG. Metall trade union and works council understand this, IG. Metall said in a handout to workers dated March 1.

The union likewise stated that the cars and truck industry, the most significant. customer group for Thyssenkrupp's steel, was under pressure.

The prospect of significant restructuring coincides with efforts. by Thyssenkrupp to win Czech energy firm EPH as a 50% co-owner. of the steel division, with sources saying last month that. settlements slowed due to the fact that of lengthy talks with Thyssenkrupp's. automobile consumers.

IG Metall has actually called a general conference for April 30 to air. its frustration over what it fears could be agonizing cuts, saying. Thyssenkrupp requires to supply financial support to the division. in any sale to make certain business can be competitive on its. own.

We are not launching the parent group from its. responsibility, said Detlef Wetzel, labour representative and. deputy supervisory board chairman of Thyssenkrupp Steel Europe.

(source: Reuters)