Thyssenkrupp: CEO Miguel López receives new contract until 2031
Miguel López, the CEO of Thyssenkrupp $TKA (-0.03%)has received a new contract until 2031. Under his leadership, the Group is planning a fundamental reorganization into a holding structure with five independent companies. This ambitious strategy promises a breath of fresh air, but also brings with it conflicts with employee representatives. Jürgen Kerner, the deputy head of IG Metall, has already announced that he will vote against the contract extension. Despite this resistance, Siegfried Russwurm, Chairman of the Supervisory Board, is optimistic and praises López for the progress he has made in the strategic realignment of the company over the last two years. The next few years could be decisive for the future of Thyssenkrupp as the CEO tries to reconcile the various interests.
Steel industry: ArcelorMittal halts plans for climate-friendly steel plants
In the USA, ArcelorMittal $MT (-0.6%) has halted its plans for climate-friendly steel plants in Germany for the time being. The German government had provided billions in generous subsidies to support the industrial transformation, including the conversion of production processes to new energy sources. The plan was for ArcelorMittal to receive 1.3 billion euros in subsidies for the Bremen and Eisenhüttenstadt sites to build modern electric arc furnaces. These were to be operated with renewable electricity and use a higher proportion of recycled scrap. A direct reduction plant was also planned in Bremen, which would initially run on natural gas and, in the long term, on green hydrogen. The decision to shelve the plans for the time being is a setback for efforts to make steel production more sustainable and raises questions about the future of the industry.
Sources:
