FRANKFURT, March 31 (Reuters) - Thyssenkrupp's workers union is willing to consider making the company's steel
division independent but there are no concrete discussions with
management about the issue yet, according to an internal message
to employees seen by Reuters.
The group's supervisory board met on Friday to discuss
restructuring efforts, including a renewed push to divest
Thyssenkrupp's steel division.
Attempts to list, spin off, sell or merge the cyclical steel
division with a peer have failed in the past, mainly because of
the billions of pension liabilities tied to the business that
goes back more than 200 years.
The union is willing to examine a possible divestment of the
steel business but the division must have the necessary
financial resources, the union's letter, seen by Reuters, said.
"There is a lot of speculation in the press, but no concrete
plans that we are aware of or that will be discussed with us. So
nothing was decided!," the letter read.
The company declined to comment on the internal letter.
Thyssenkrupp CEO Martina Merz is under pressure to deliver
on her pledge to slim down the group and revive its languishing
share price.
Merz's concept of a "group of companies" had failed, the
union said, adding there had been a lack of an overall concept
from the supervisory board for months.
The union called on the board to examine which businesses
could be developed on their own and what partners would be
needed.
(Reporting by Christoph Steitz and Tom Kaeckenhoff; Writing by
Riham Alkousaa; Editing by Jan Harvey)
