On August 30, 2024, the German Ministry of Economics clarified its stance on thyssenKrupp, stating that there are no plans for state intervention in the company’s crisis. The ministry’s spokesperson emphasized that such a solution is not under discussion at present. Instead, the focus is on encouraging thyssenKrupp to address its operational and strategic challenges independently, particularly concerning the future of its steel division.
thyssenKrupp Steel Europe, a major division of the industrial giant, is currently grappling with significant uncertainties regarding its future. The situation has become particularly precarious amid ongoing disputes about the company’s direction and management. As a result, there have been increasing calls from within the company for government assistance.
Tekin Nasikkol, the head of the thyssenKrupp Steel Europe Works Council, has strongly urged both federal and regional governments to intervene. According to Nasikkol, the current crisis threatens not only the company’s transformation to environmentally friendly steel production but also jeopardizes the allocation of €2 billion in government funding intended for this purpose. The council's concerns reflect the broader anxiety among ThyssenKrupp’s approximately 27,000 employees, who face an uncertain future.
The German government has already taken steps to support thyssenKrupp by providing financial aid aimed at promoting green steel production. This support was conditional on the company meeting specific commitments related to environmental and business development goals. The ministry’s spokesperson indicated that the focus now is on ensuring these commitments are fulfilled and that thyssenKrupp’s leadership addresses the internal issues effectively.
