German steelworkers fear for their jobs as Thyssenkrupp crisis deepens

A CRISIS at Germany’s biggest steelmaker has deepened with the abrupt departure of seven company directors.

About 1,000 steelworkers rallied at the gates of Thyssenkrupp’s Duisburg plant on Thursday, protesting against threats to halve steel production and cut jobs.

Thyssenkrupp steel division chief executive Bernard Osburg and supervisory board chairman Sigmar Gabriel have resigned, along with five other directors, in protest at the handling of a potential takeover by Czech billionaire Daniel Kretinsky, who also has his sights on Britain’s Royal Mail.

The executives say Thyssenkrupp’s overall chief executive Miguel Lopez has waged an “unprecedented public campaign” to discredit the management of the steel division, of which Mr Kretinsky is looking to buy between 20 and 50 per cent.

The row also involves how much the parent company will invest in its steel section, with the Kretinsky takeover sparking talks on a restructure and job losses.

Knut Giesler of the workers’ union IG Metall said that Thyssenkrupp’s management had plunged the business into “chaos.”