Following the escalation, Gabriel seeks a heightened role for Kretinsky at Thyssenkrupp.
Gabriel stated that there's been an amazing conversation about steel in Europe's future with the new investor recently, peppering in his thoughts that the individual is injecting much-needed life into the company, though it remains uncertain if all of his strategies will materialize.
Thyssenkrupp is proceeding with the split-off of its underperforming steel unit. Currently, they've sold 20% to EPCG, the firm of billionaire Kretinsky from Czech Republic. The plan is to transfer another 30%. However, the controversy has been intense, specifically regarding the amount of support that the division should still receive from the main company. For months, worker representatives have been alerting about possible layoffs due to the planned reorganization.
During a Thyssenkrupp Steel supervisory board meeting on Thursday evening, both the supervisory board leaders and the management of the Thyssenkrupp subsidiary tendered their resignations. Gabriel launched harsh criticisms against the CEO of the main company, Miguel López. In the past weeks, he claimed López embarked on an "unprecedented assault" against the steel division's management.
Emphasizing his accusations in an interview with the magazine "Capital", he asserted that López "continuously interfered directly in the steel division, disregarding us, without notifying us." He also pointed out that the CEO "diverted the division's head from their tasks."
He further addressed the financial dispute. "If they intend to take the subsidiary public, it must be equipped by its owner to do so," said Gabriel. On the contrary, López "wants to act towards the steel AG like a bank, providing it loans - but not sufficient."
Someone in the meeting asked, "What is the reason behind the CEO's interfering in the steel division's operations?"
Given the current financial situation, Gabriel questioned, "What is the CEO's plan to adequately equip the steel subsidiary for public listing?"
