Division with an uncertain future
Gabriel is the head of supervision at a Thyssenkrupp subsidiary
4/7/2022, 4:49 p.m
Ex-SPD leader Sigmar Gabriel is drawn to the economy: the politician will in future sit on the supervisory board of Thyssenkrupp’s steel subsidiary. The future of the division is uncertain because the war and energy transition have caused the industry to rethink.
Former SPD leader and former Federal Economics Minister Sigmar Gabriel is the new chairman of the supervisory board of ThyssenKrupp’s steel subsidiary. The 62-year-old was appointed to the ThyssenKrupp Steel Europe supervisory body as a shareholder representative and was elected the new chairman at the constitutive meeting, the group announced. The former Head of Human Resources at TUI, Elke Eller, is also new to the Supervisory Board.
“In the coming months and years, groundbreaking decisions with economic, industrial policy and environmental relevance are pending,” said Gabriel. Nowhere else can one show as convincingly as with steel that economic success and sustainability can be brought together in climate policy in Germany.
The future of the steel subsidiary with around 27,000 employees is uncertain. Thyssenkrupp boss Martina Merz recently put the planned independence on hold due to the uncertain situation in the wake of the war in Ukraine. The employee representatives and IG Metall are demanding clarity from management on how to proceed. With the switch to climate-friendly production, the steel industry is facing the biggest restructuring in its history.
The financing of the billion dollar project is completely open. “We are still convinced that the strategy of setting up the steel business independently opens up good future prospects – even if the concrete form of implementation has to remain open for the moment due to the geopolitical situation,” said Merz. For the integrity of this process, independent members should be appointed to the board who have the trust of both sides of the board. “In Sigmar Gabriel we have gained a very competent and experienced personality for the Supervisory Board of Thyssenkrupp Steel Europe AG.”