Thyssenkrupp steel, workers agree on site closures, less working hours in revamp
The accord with steel workers marks a major step in Thyssenkrupp's restructuring, under which the former German industrial icon is planning to turn into a holding company, and comes after renewed tension between management and labour representatives.
Implementation of the new collective bargaining agreement, which runs until September 30, 2030, must be approved by IG Metall members at Thyssenkrupp's steel unit TKSE and is pending an agreement on the division's future financing, they said.
The agreement follows Thyssenkrupp's announcement that up to 11,000 jobs at the steel unit, TKSE, had to be cut or outsourced and that annual production capacity would be lowered to 8.7-9.0 million tons from 11.5 million tons.
"We went to the pain threshold and only made concessions where it was really necessary in order to secure jobs and locations," said Tekin Nasikkol, head of Thyssenkrupp's works council and member of the group's supervisory board.
"We have now created the conditions for the company to emerge from the difficult situation out of its own strength," Nasikkol said in a statement.
Thyssenkrupp had wanted to reach a deal regarding the restructuring by summer and both sides aim to finalise the current agreement by the end of September.
Reaching a wage deal has been seen as a key hurdle to be cleared before Thyssenkrupp can sell an additional 30% stake in TKSE to Czech billionaire Daniel Kretinsky, as planned. The investor already owns a 20% stake via a holding company.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Miami Herald
3 hours ago
- Miami Herald
Cadillac EVs Are Luring Buyers Away From Audi And Mercedes
Cadillac reached higher luxury peaks than most other automakers back in the 1960s and 1970s, both in terms of actual car design and sales. These days, German automakers easily outsell Cadillac, but the American brand is reclaiming some of its prominence in the luxury segment, and it's all because of its EVs. Not only was Cadillac number 1 in second-quarter EV sales for luxury brands, but what stands out is the brand's conquest sales. Conquest rates for Cadillac's EVs are incredibly high, at 79% for the Lyriq and 76% for the newer Optiq. In other words, more than three-quarters of customers are new to the Cadillac brand. Asked which brands these customers are coming from, Cadillac Vice President John Roth dropped some very prestigious names. "Tesla, Mercedes, Audi, Lexus," said Roth, according to Inside EVs. "Yeah, all the big luxury tier one buyers are coming our way and we're super happy about that. We're giving them a great vehicle and a great experience with great range, great technology, great customer experience, and a great dealer network to service them." Interestingly, Cadillac EV buyers are around 47 or 48 years old, significantly below the average age for luxury car buyers in general. It's noteworthy that Cadillac is selling more luxury brands than the likes of Audi, since the latter has been in the EV game for longer, and has an extensive EV lineup with models like the S e-tron GT, Q4 e-tron, Q6 e-tron, and Q8 e-tron. Cadillac's EV range starts with the compact Optiq, which starts at $52,895. Last month, the brand revealed the first Optiq-V, a high-performance version of the crossover with 519 horsepower and a 0-60 mph time of only 3.5 seconds. The mid-size Lyriq has been around for longer and begins at $58,595. This looks and feels like a plush, high-tech luxury car in every aspect, and is also topped by a high-performance V derivative. Related: 5 Reasons Why the New Optiq-V Might Be Cadillac's Best EV Yet The three-row Vistiq hasn't been on sale for long enough to determine how successful it'll be, but we know how popular three-row mid-size SUVs are in America, so it's expected to do well. The Escalade IQ, Escalade IQL, and Celestiq are all much more expensive models expected to sell in lower volumes, but all add an aspirational element to the brand's EV lineup. This range of EVs - from compact crossovers to the $300,000 ultra-luxury Celestiq - covers a multitude of segments, yet all of them have the competitive range, performance, and luxury appeal they need to win over buyers. Profitability in EV production remains a challenge, and that won't get any easier once the tax credit falls away at the end of September; the Lyriq is already more expensive than it was. For now, though, Cadillac has clearly found a winning recipe with its EV lineup. Copyright 2025 The Arena Group, Inc. All Rights Reserved.
Miami Herald
3 hours ago
- Miami Herald
Trump threatens steep tariffs on goods from EU and Mexico
BRUSSELS -- President Donald Trump announced in letters posted to social media Saturday that he would place a 30% tariff on goods from the European Union and Mexico, upending months of careful negotiations and roiling America's economic relationships with two of its biggest trading partners. Trump's tariffs would take effect Aug. 1, like those on many other trading partners. But the letters to Mexico, America's largest source of imports, and the EU, a trading bloc of 27 nations that collectively make up the world's third-largest economy, are notable. They marked a significant escalation aimed squarely at two of America's closest and most pivotal trading partners. Both economies do a huge amount of trade in goods and services with the United States. And both governments have been in intense negotiations with the United States, right up until Trump's letters were sent. Maros Sefcovic, the EU's trade commissioner, was in regular contact with the U.S. commerce secretary and trade representative. Ursula von der Leyen, president of the European Commission, spoke to Trump. And until very recently, officials had hoped they were on the cusp of a deal. EU policymakers had gradually come around to the possibility that the bloc could face 10% across-the-board tariffs on all goods sent to the United States, and were hoping to negotiate exceptions for important products. Many of the policymakers were eager to end the economic uncertainty that Trump's trade announcements had unleashed on German carmakers, Italian wine exporters and Irish pharmaceutical companies alike. But things changed with Trump's announcement Saturday of a flat 30% tariff, and his threat to make that rate even higher should the bloc retaliate. 'If for any reason you decide to raise your tariffs and retaliate, then, whatever the number you choose to raise them by, will be added onto the 30% that we charge,' Trump wrote in the letter, which echoed a form letter he has been sending out to many American trading partners announcing their tariff rate. Mexican officials had also been in active negotiations. A delegation led by Economy Minister Marcelo Ebrard arrived in Washington on Friday to discuss an 'integral agreement' with U.S. officials covering border security, migration, trade and water management. After an intense volley of tariffs from the United States earlier this year related to Washington's desire to curb the flow of fentanyl across the border, Mexican officials felt they had cultivated a more productive relationship with U.S. officials. Trump placed a 25% tariff on all Mexican imports earlier this year, sparking an intense dispute. But the administration ultimately lifted most of those tariffs by exempting goods that trade under the United States-Mexico Canada Agreement, the North American trade pact, which includes agriculture and other products. According to data from Mexican officials, about 87% of exports from Mexico to the United States are not currently subject to tariffs. Ebrard said in a statement posted on social media Saturday that U.S. officials had told their Mexican counterparts that, 'as part of the profound change in the United States' trade policy,' the Trump administration was going to send letters to all world leaders announcing new tariffs. 'We mentioned at the negotiating table that it was an unjust move and that we did not agree with it,' Ebrard said. He said that Mexican officials would work to ensure that they had an alternative proposal that protects jobs and businesses on both sides of the border before the tariffs take effect Aug. 1. To avoid an earlier threat of tariffs this spring, President Claudia Sheinbaum deployed 10,000 troops to the U.S.-Mexico border, building on recent efforts to curb migration by intercepting migrant caravans and busing migrants to places far from the border. Crossings have plummeted to their lowest level in decades. Sheinbaum also announced a crackdown that has led to record fentanyl seizures, and agreed to extradite dozens of cartel operatives to the United States, breaking with Mexico's previous stance on extraditing the leaders. Mexico's leaders also imposed tariffs and restrictions on many Chinese imports. Sheinbaum was broadly praised for her cool-headed approach to Trump, who called her a 'marvelous woman' after the two spoke about tariffs in February and he offered Mexico an additional month to make gains. Trump this past week announced that he would aim 35% tariffs at Canada -- another key trading partner, and another nation that had hoped it might be closing in on a negotiated deal with the United States. And he has threatened to slap tariffs ranging from 20% to 50% on other nations, including Brazil, Japan and South Korea. The latest round of levies underscores that Trump is willing to upend long-held relationships in his quest to rewrite the rules of global commerce. But for major trading partners, the question now is whether they will hit back. Mexico has never retaliated against the United States, but officials have repeatedly said that they reserve the right to, and have analyzed which U.S. exports they could apply tariffs to. Von der Leyen said in a statement that Trump's latest tariffs 'would disrupt essential trans-Atlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic.' She also threatened to hit back, though she did not make retaliation sound like a foregone conclusion at this point, talking about the 'proportionate countermeasures if required.' The bloc had already prepared a retaliatory package in response to earlier tariffs but had paused them to create leeway for negotiation. That retaliation would apply to some 21 billion euros' (nearly $25 billion) worth of imports from the United States. The tariffs are scheduled to kick in at 12:01 a.m. Tuesday unless EU officials choose to suspend them. 'Of course, there are possibilities to react, but we don't want to,' Kaja Kallas, the EU's top diplomat, said in an interview Friday in Kuala Lumpur, Malaysia. 'We don't want to retaliate. We don't want this trade war.' In the run-up to Trump's announcement, officials from the EU had reiterated that their goal was to reach an agreement in principle, a sort of rough-draft trade plan that could serve as a basis for more detailed negotiations. If the newly announced tariff rates remain, however, 'that means trade war,' said Jacob Funk Kirkegaard, a senior fellow at the economic think tank Bruegel in Brussels. He did not think that Trump's warning against retaliation would have much effect on the EU's appetite to hit back. He said the best Europe can hope for is a situation in which many of America's global trading partners retaliate, perhaps in a coordinated way, and Trump is pressured to strike a less extreme stance. 'They have consistently said they would defend themselves under the right circumstances,' he said. 'Now those circumstances are here.' This article originally appeared in The New York Times. Copyright 2025
Yahoo
3 hours ago
- Yahoo
Thyssenkrupp Steel agrees on major cost-cutting plan with union
The management of Thyssenkrupp Steel Europe and labour union IG Metall have agreed on a tough cost-cutting programme at the beleaguered German steelmaker, the sides said on Saturday. After three days of negotiations, representatives of the workforce and the executive board reached a collective agreement on the restructuring that runs until 2030, with the goal of returning the company to profitability. Under the agreement, vacation bonuses will be scrapped and Christmas bonuses reduced. In addition, weekly working hours will be cut to 32.5 hours — down from the current level of up to 34 hours. As a result, many employees can expect lower earnings in the future. Germany's largest steel producer is facing huge challenges, from weak domestic economic conditions to high energy prices and cheap imports from Asia. To turn things around, the company plans to significantly reduce its production capacity and workforce. Thyssenkrupp Steel aims to cut thousands of jobs, reducing its headcount from 26,300 to 16,000. One site in the western city of Bochum is set to close in 2028. Plans to shut a plant in nearby Kreuztal-Eichen have been shelved for now. Marie Jaroni, a member of Thyssenkrupp Steel's executive board, described the agreement as critical to the company's long-term prospects. "We are reducing excess capacity, improving efficiency, and can thus achieve a competitive cost structure," she said. Knut Giesler, regional head of IG Metall, called the deal a viable compromise that contains painful elements for both sides. "However, forced redundancies are off the table, and there are also guarantees for sites and investments in equipment — these are positive signals," he said. He added that the company's original "poison list" of drastic cuts had been significantly pared back. The collective agreement must still be approved by IG Metall members at the company. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
