On August 30, 2024, thyssenKrupp Steel's supervisory board meeting in Duisburg was engulfed in significant turmoil, reflecting deeper issues within the company. The meeting, which aimed to finalize a crucial financing plan and outline the future strategy for the beleaguered steel division, was overshadowed by widespread protests and internal management conflicts.
Thousands of steelworkers gathered outside the thyssenKrupp headquarters, creating a dramatic scene with blocked access and burning barrels. The protest was largely fueled by discontent with Miguel López, the head of thyssenKrupp. Workers expressed their frustration by launching a petition demanding his removal from his position, underscoring the gravity of the unrest within the company.
The primary objective of the supervisory board meeting was to agree on a financing strategy to secure thyssenKrupp Steel’s future. This comes at a critical juncture for the division, which has been struggling with financial difficulties and management issues. The intention was to use this meeting to stabilize the company and discuss a strategic direction that would address its ongoing challenges.
However, the meeting also highlighted significant internal strife, with unexpected announcements of leadership changes that further destabilized the steel division. Notably, three board members, including division head Bernhard Osburg, left their positions. Additionally, four supervisory board members, including chief auditor Sigmar Gabriel, resigned. Gabriel's resignation was particularly notable for his strong criticism of López, accusing him of undermining the steel division's executive board and breaching trust established in previous meetings.
The conflict between López and the steel division’s leadership has intensified, with Gabriel accusing López of conducting an "unprecedented campaign" against the steel division’s board. Gabriel’s statement at a press conference underscored the seriousness of the internal disputes, which have significantly impacted the company’s operational effectiveness and morale.
Amidst this chaos, Economics Minister Robert Habeck and Prime Minister Hendrik Wüst reportedly sought to postpone the supervisory board meeting, aiming to gain more time to address the issues and potentially reach a compromise. Their intervention reflects the high stakes involved and the broader implications for ThyssenKrupp's future.
The unfolding events at ThyssenKrupp Steel highlight the complex interplay of corporate governance, financial stability, and employee relations. The steel division’s current predicament underscores the challenges faced by major industrial firms in navigating internal disputes and external pressures while striving to secure their long-term viability.
