- New CFO praises steel board
In the debate surrounding the restructuring of Thyssenkrupp's steel division, the new CFO of the parent company, Jens Schulte, praised the work of the steel board. The structural restructuring of the steel business, he said, "is an extremely challenging task, as it involves a performance transformation, performance improvements, and a green transformation, all in a very tense environment." He added, "And for that reason, both internally and externally, the work deserves the utmost respect." Schulte described the discussions around the plans as "intense" and "important."
The steel board presented its plans for the restructuring of the division, which has been struggling under the economic downturn and cheap imports, to the supervisory board of the management company Thyssenkrupp Steel Europe on Friday. The division is set to become independent, among other things through a planned 50 percent stake by the Czech energy company EPCG. The main point of contention is the financial provisions for the steel sector during the separation. An independent audit is expected to provide further facts for a decision by the end of the year. Thyssenkrupp Steel is Germany's largest steel producer, employing around 27,000 people in the division.
López: Steel board must finally present a solid business plan
On Saturday, Thyssenkrupp CEO Miguel López criticized the plans presented, stating, "As Thyssenkrupp AG, the responsible owner, we expect the board of Steel Europe to finally present a long-term sustainable, solid, and financeable business plan for the realignment of the steel sector. What we need now is a sober, realistic look into the future without wishful thinking and without glossing over the facts."
Schulte (53) has been CFO of the industrial group since June 1. Previously, he held the same position at the glass specialist Schott. His predecessor at Thyssenkrupp was Klaus Keysberg (60).
Q3 Report
The steel board's presentation on the division's restructuring plans took place over the weekend. Despite the challenges, López, the CEO of Thyssenkrupp AG, expressed the expectation for a long-term, sustainable, and financeable business plan from the steel board, aimed at realigning the steel sector.
