The head of the Thyssenkrupp working council, Tekin Nasikkol, said that Thyssenkrupp needed to invest 1.5 billion euros in its core metallurgical business after years of underinvestment were in a competitive disadvantage, said the head of its production council. He said: “It is about the existence of steel at ThyssenKrupp. The core business was heavily influenced by excessive cost-saving programs after a failed investment in the Americas and a three-year fruitless conversation about a joint venture to produce steel with Tata Steel. ”
The union leader’s comments come a few days after Union Investment, a top 10 investor in a sick German conglomerate, increased pressure on management to present a steel block restructuring plan or curtail business.
