ArcelorMittal LU1598757687

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1. voda 31 maart 2023 08:30

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   Funding Secured for AM/NS India Expansion in Hazira
   
   ArcelorMittal has announces that AMNS Luxembourg Holding, the parent company of AM/NS India, the Company’s 60/40 steelmaking joint venture with Nippon Steel Corporation in India, has entered into a $5 billion loan agreement with the Japan Bank for International Cooperation, MUFG Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Limited, Mizuho Bank &, Mizuho Bank Europe.
   
   The proceeds obtained through the JBIC co-financing loan will be used to finance the expansion of AM/NS India’s annual steelmaking capacity at its Hazira plant from 9 million metric tons to 15 million metric tons. In addition to the primary steelmaking capacity expansion, the project includes the development of downstream rolling and finishing facilities that will enhance AM/NS India’s ability to produce value-added steels for sectors including defense, automotive and infrastructure.
   
   The expansion project, which started in October 2022 upon receipt of environment permitting, will create more than 60,000 jobs.

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2. voda 31 maart 2023 08:31

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   Ternium to Increase Stake in Usiminas
   
   Ternium and its subsidiaries Ternium Investments and Ternium Argentina, along with Confab, a subsidiary of affiliate Tenaris, have announced the acquisition of the NSC Group, comprising Nippon Steel Corporation, Mitsubishi and MetalOne. The NSC Group will be acquired in proportion to the T/T group's existing holdings in Usiminas control group, totaling 68.7 million common shares at a price of BRL10 per common share.
   Ternium will pay approximately $111 million in cash for 57.7 million shares of common stock, increasing its interest in the Usiminas control group to 51.5%. The transaction is subject to approval by Brazil's competition authorities and will be financed with cash on hand.
   Following the transaction, the T/T group will have a total stake of 61.3% in the control group, while the NSC group and Previdência Usiminas will own 31.7% and 7.1%, respectively.
   
   The Usiminas control group has agreed on a new corporate governance structure, where the T/T group will appoint a majority of the members of the board of directors of Usiminas, the CEO, and four other members of the executive board of Usiminas. Ordinary decisions may be approved with a majority of 55% of the shares of the control group.
   
   The T/T group will be entitled to purchase the remaining interest of the NSC group in the Usiminas control group at the greater of BRL10 per share and the average price per share of the 40 business days immediately preceding the exercise date of the option, starting from the second anniversary of the closing of the transaction. The NSC group will have the right, at any time after the closing of the transaction, to withdraw its remaining shares from the control group and sell them on the open market.
3. voda 31 maart 2023 08:32

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   Fire Incident Reported at ArcelorMittal Dunkirk BF 4
   
   Reports say that ArcelorMittal has experienced fire at its Dunkirk site in France. The fire broke out on the floor of blast furnace number but was quickly extinguished and the unit has been made safe. Dunkirk has three blast furnaces with a combined pig iron capacity of 7 million metric tons per year. Blast furnace four has a capacity of approximately 3.6 million metric tons per year. It is not yet clear what the production impact of the fire may be.
   
   This incident follows another furnace fire at ArcelorMittal's Gijon site, also in March. Blast furnace A at that location caught fire during a nozzle replacement and it is expected to be out of action for some time.
   
   ArcelorMittal has successfully completed the operation to empty blast furnace A at the Gijón plant in northern Spain, following a fire that broke out on 22 March. After the removal of hot metal and slag, the operators will continue with the cleaning work before conducting an assessment of the damage. Gijón's blast furnace B remains operational. The damage assessment is being carried out by the company's technical department and experts from other plants that have experienced similar accidents in the past. Gijón's two blast furnaces can produce up to 4.7 million metric tonss of pig iron annually.

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4. voda 31 maart 2023 08:33

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   India Opens AD Duty Review on Flat Base Steel Wheels from China
   
   India's Ministry of Commerce & Industry has initiated the third sunset review of anti-dumping duty on flat base steel wheels originating from China. The investigation period covered a period of 12 months from January 1, 2022, to December 31, 2022. The period of injury investigation covers 2019-2020, 2020-2021, and 2021-2022.
   
   The review follows an application submitted by domestic enterprises Wheels India and Steel Strips Wheels.
   
   The flat base steel wheels in question are of size 16" nominal diameter to 20" nominal diameter and are used in tubed tire applications in commercial vehicles. They are classified under HS code 8708.70.
5. voda 31 maart 2023 08:33

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   POSCO Unveils Quake Resistant SN Steel
   
   South Korea's largest steelmaker, POSCO, announced that it aims to create a world free from the destructive effects of earthquakes with its earthquake-resistant construction materials, reports Korea Herald. POSCO's Steel New Steel, or SN Steel, is a structural steel product that complies with strict earthquake-resistant construction regulations in Japan.
   
   The product has been used to turn Taoyuan International Airport in Taiwan into an earthquake-proof building. Posco supplied around 70,000 metric tons of thick plates for the airport's construction, accounting for more than 90% of the building materials used.
   
   POSCO's High-performance Steel for Architecture, or HSA, is 1.7 times stronger than normal steel used for construction and 30% lighter. It has been used to make Lotte World Tower in Seoul, the tallest tower in Korea, along with Seoul National University Library and Dongdaegu Bus Terminal, earthquake-resistant.
   
   POSCO's customized earthquake-resistant steel called "Pos-H" can be freely customized and minimizes the amount of materials used for construction processes. The material has been used for construction of a slew of well-known Korean structures such as Starfield Changwon and the Goyang Data Center.
6. voda 31 maart 2023 08:33

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   Corinth to Supply HFW Line Pipes for Hydrogen Project in Dutch North Sea
   
   Greek steel pipe manufacturer Corinth Pipeworks has been contracted by ONE-Dyas to supply High Frequency Welded steel pipes for the new N05-A gas production platform in the Dutch North Sea. The new facilities will be powered by electricity generated from the nearby Riffgat wind farm. Corinth will manufacture about 16 km of HFW line pipe, including external three-layer polypropylene coating and concrete weight coating, with a diameter of 20 inches and a wall thickness of 20.6 mm.
   
   The HFW pipes will be delivered later this year. In addition, the pipeline will be certified according to the ASME B31.12 Option B code for hydrogen pipelines, supporting plans for future transportation of up to 100% hydrogen.
   
   The Riffgat wind farm will eventually be converted to green hydrogen, which will be transported via pipelines to the local onshore grid.
7. voda 31 maart 2023 08:34

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   InoxCVA Breaks Ground for Cryogenic Equipment Plant at Savi
   
   Cryogenic liquid storage, distribution and re-gassification solutions provider InoxCVA will set up a manufacturing facility in Vadodara with an investment of ?200 crore. The 20,000 metric ton per annum plant will come up at Savli, and will be the company's largest unit. The ground-breaking for the project follows a MoU signed by the company with the Gujarat government in February 2023.
   
   The construction of the manufacturing facility is expected to be completed by the end of 2023, and the company plans to start operations in early 2024.
   
   According to INOXCVA, the facility will have the capacity to manufacture a wide range of cryogenic equipment, including storage tanks, vaporisers, and road tankers. The company also plans to use the facility to manufacture other specialized equipment such as ISO containers and LNG fueling stations. The new INOXCVA manufacturing facility will cater to the growing demand for cryogenic equipment in India and across the world.
   The new facility is expected to boost INOXCVA's manufacturing capacity and help the company achieve its goal of becoming a global leader in cryogenic equipment manufacturing.
8. voda 31 maart 2023 08:35

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   NCLAT Turns down Jindal Stainless plea over Mittal Corp
   
   Insolvency appellate tribunal NCLAT has dismissed the plea of Jindal Stainless Ltd challenging the issuance of a fresh Request for Resolution Plan by the lenders for debt-ridden Mittal Corp. The lenders of Mittal Corp were authorized to issue fresh RFRP as none of the resolution plans had been approved by the committee of creditors, said a two-member NCLAT bench.
   
   The tribunal also said that its previous order directing the RP of Mittal Corp to initiate a fresh voting process on the resolution plans received has been complied with. NCLAT observed that all resolution plans including those of Jindal Stainless and Shyam Sei & Power Ltd were put before the CoC in its meeting dated January 25, 2023, and the voting result was declared on February 10, 2023.
   
   The lenders have already approved the bids of SSPL, and an application has already been moved by the Resolution Professional before the Mumbai bench of the National Company Law Tribunal seeking its approval.
9. voda 31 maart 2023 08:35

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   RIVM New Report Finds Toxic Pollutants from Tata Steel Ijmuiden
   
   According to a report by the Dutch public health institute RIVM, locals living near the Tata Steel steelworks in Ijmuiden in the Netherlands are still being exposed to dust containing high concentrations of carcinogenic substances. The report showed that children in Wijk aan Zee are at the highest risk, with high levels of polycarbon-based pollutants and metals, including lead, found in coarse dust particles deposited in Beverwijk, Velsen-Noord, and IJmuiden. The findings are similar to those of a previous study in 2020, with the exception of a continued fall in the amount of iron.
   
   Tata Steel responded to the report by saying that the RIVM did not investigate the origin of all the dust particles found, and that a “substantial” part of the lead, zinc, and copper deposits could have come from other sources. The company said that its own probes had shown the amount of carcinogenic substances had been halved compared to 2019 and other measures to curb emissions are in the pipeline.
10. voda 31 maart 2023 08:36

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    Aceros Arequipa Secures Sustainability Funding For Scrap Access
    
    Aceros Arequipa, a Peruvian steel producer, has signed a $40 million sustainable alliance with Banco Bilbao Vizcaya Argentaria, a Spanish banking firm, to promote circular economy in Peru. Aceros Arequipa says that BBVA has granted its first green import financing line for the steel sector to the company. The steelmaker will use the new sustainable line for the elimination and reuse of scrap steel that will be transformed into new steel products.
    
    The alliance between BBVA and Aceros Arequipa is essential to contribute to the circular economy approach with 100 percent recyclable products and a positive impact on the environment. The steelmaker has consumed over 7.6 million tons of scrap since 2012 and says that the financing will allow it to remain an active participant in the value chain of recycling ferrous scrap in the country.
    
    The alliance between BBVA and Aceros Arequipa is directly linked to three United Nations Sustainable Development Goals: SDG 3 (health and well-being), SDG 11 (sustainable cities and communities), and SDG 12 (responsible production and consumption).
    
    Aceros Arequipa says that sustainability is a priority at all levels of the company, and it seeks to be at the forefront of good practices that consider the current needs of society and the planet. To strategically plan for scrap procurement, Aceros Arequipa acquired two scrap recycling facilities in Florida, including one with an auto shredding plant in 2021.
11. voda 31 maart 2023 08:36

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    Aceros Arequipa, a Peruvian steel producer, has signed a $40 million sustainable alliance with Banco Bilbao Vizcaya Argentaria, a Spanish banking firm, to promote circular economy in Peru. Aceros Arequipa says that BBVA has granted its first green import financing line for the steel sector to the company. The steelmaker will use the new sustainable line for the elimination and reuse of scrap steel that will be transformed into new steel products.
    
    The alliance between BBVA and Aceros Arequipa is essential to contribute to the circular economy approach with 100 percent recyclable products and a positive impact on the environment. The steelmaker has consumed over 7.6 million tons of scrap since 2012 and says that the financing will allow it to remain an active participant in the value chain of recycling ferrous scrap in the country.
    
    The alliance between BBVA and Aceros Arequipa is directly linked to three United Nations Sustainable Development Goals: SDG 3 (health and well-being), SDG 11 (sustainable cities and communities), and SDG 12 (responsible production and consumption).
    
    Aceros Arequipa says that sustainability is a priority at all levels of the company, and it seeks to be at the forefront of good practices that consider the current needs of society and the planet. To strategically plan for scrap procurement, Aceros Arequipa acquired two scrap recycling facilities in Florida, including one with an auto shredding plant in 2021.
    
    UK to review Imports of Steel Ropes & Cables from China
    
    UK’s Trade Remedies Authority has initiated a transition review into anti-dumping measures on steel ropes and cables from China, including those products consigned from Morocco and Korea. The review will cover the UK production of these products and the levels of imports from China, Morocco and Korea. The period of investigation for this transition review is 1 January 2022 until 31 December 2022, and the injury period (IP) is 1 January 2019 until 31 December 2022.
    
    The TRA investigates whether new trade remedy measures are needed to counter unfair import practices and unforeseen surges of imports. Anti-dumping measures are one of the three types of trade remedies, along with measures against countervailable subsidies and safeguard measures, which address sudden, unforeseen floods of imports.
    
    The review will exclude ropes and cables of stainless steel, with a maximum cross-sectional dimension exceeding 3mm. Businesses that may be affected by this review, including importers or exporters of the products or UK producers of similar products, can contribute by registering their interest in the case on the TRA’s online case platform by 17 April 2023.
12. voda 31 maart 2023 08:36

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    H2 Green Steel Ink Pact with Fortum for Renewable Energy
    
    H2 Green Steel AB, a Swedish steel producer, has signed a long-term frame agreement with Finnish energy group Fortum for the supply of carbon-free electricity. The deal will see H2 Green Steel purchase electricity for its green steel operations in northern Sweden, where it is building a plant that will make steel by replacing coal with green hydrogen produced with fossil-free energy.
    
    The frame agreement with Fortum initially includes an index-based power purchase agreement for 1.3 terrawatt hours a year from 2026 with a five-year hedging horizon, and a fixed-price power purchase agreement of 1 terrawatt hours for up to nine years from 2027.
    
    The plant is expected to start operations in 2025. H2 Green Steel was founded in 2020 by Vargas Holding, the co-founder of Swedish battery maker Northvolt AB, and has other notable investors such as Spotify Technology SA founder Daniel Ek and main Kinnevik owner Cristina Stenbeck.
13. voda 31 maart 2023 08:36

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    Befesa, a leading provider of waste management services, has opened a new steel dust recycling factory in Henan Province, China, with an investment of €47.3 million. The facility, located in Changge City, Xuchang, has been operational since 2021 and is capable of recovering 110,000 metric tons of steelmaking dust per year. Additionally, the factory is expected to extract around 40,000 tonnes of zinc oxide annually, which is valued at nearly €55 million.
    
    Befesa, which has operations across Asia, the US and Europe, recycled 1.8 million tonnes of residues in 2022, showcasing its strong focus on sustainability. The company's long-term goal is to "use resources to their greatest extent" and to transition to a circular economy on a global scale. The company believes that such a shift can yield annual savings of up to €591 billion.
    
    This latest investment is a testament to Befesa's commitment to sustainability and its goal of reducing the environmental impact of industrial waste. Through its cutting-edge recycling technologies, the company is helping to reduce the amount of waste generated by the steel industry, while also recovering valuable resources for reuse.
14. voda 31 maart 2023 08:37

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    Nippon Steel Sheet Piles used in GIKEN’s Sozokan & Research Building
    
    Nippon Steel has made history by using steel sheet piles as the main structural material for a building, from the roof to the side walls. The Sozokan, The Museum of Piling Machines, and the Research Building on the premises of RED HILL 1967, the base of GIKEN, use NS-SP-J steel sheet piles that were jointly developed to have zero gap with the existing structure, making them ideal for space-restricted construction sites in urban areas and temporary soil fasteners that utilize their width to shorten the construction period.
    
    The Sozokan and the Research Building also incorporate confined ground seismic damper technology, which prevents the foundation from deforming as a result of soft ground and liquefaction by enclosing and compacting the ground with steel sheet piles. This project is a showcase of the flexibility of steel sheet piles and highlights their strengths, which are often utilized for river revetments, road retaining walls, and reinforced soil retaining walls.
    
    Nippon Steel and GIKEN have collaborated on the research and development of many steel sheet pile and steel pipe pile products, as well as construction methods using these products. The Gyropress Method™ is an example of a wall structure construction method developed in collaboration between Nippon Steel and GIKEN, which inserts steel pipe piles with special tips into the ground in rows using GYRO PILER™ to make it easier to excavate the ground. Since its launch in 2004, it has been used in many applications, mainly for river revetments and road retaining walls.
    
    Visitors can see these products and construction methods showcased on the premises of RED HILL 1967, which will open in May. Nippon Steel, in collaboration with GIKEN, will continue to promote the use of steel sheet piles and steel pipe piles and propose new ways to use them. The adoption of steel sheet piles in the Sozokan and the Research Building marks a significant milestone in the use of these products and is expected to inspire more innovative building designs in the future.
15. rationeel 31 maart 2023 08:56

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    ArcelorMittal and Japan Bank for International Cooperation sign agreement to strengthen business and technology partnership
    31 March 2023
    
    AMNS Luxembourg Holding S.A. signs $5 billion loan agreement with consortium of Japanese banks
    31 March 2023
    
    ArcelorMittal publishes convening notice for its Annual General Meeting and Extraordinary General Meeting of shareholders
    31 March 2023
16. rationeel 31 maart 2023 08:57

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    Lekker stijgen?
17. voda 31 maart 2023 09:21

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    ArcelorMittal krijgt financiering van Japanse banken
    
    Voor uitbreiding in India.
    
    (ABM FN-Dow Jones) Staalproducent ArcelorMittal is met een groep Japanse banken een nieuwe financiering overeengekomen. Dit maakte ArcelorMittal vrijdag bekend.
    
    Vrijdag werd een nieuwe lening van 5 miljard dollar overeengekomen. Die moet een capaciteitsuitbreiding in India, waar ArcelorMittal samenwerkt met Nippon Steel, van 9 naar 15 miljoen ton staal in de fabriek in Hazira mogelijk maken.
    
    Het consortium van banken bestaat uit Japan Bank for International Cooperation, MUFG Bank, Sumitomo Mitsui Banking Corporation, Sumitomo Mitsui Trust Bank, Mizuho Bank, en Mizuho Bank Europe.
    
    Door: ABM Financial News.
    
    info@abmfn.nl
    
    Redactie: +31(0)20 26 28 999
18. voda 3 april 2023 06:44

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    Berichten gelekt van radicale taal personeel Tata Steel richting milieuactivisten: ’Gelijk de oven in’
    Door BART VUIJK
    
    Updated Gisteren, 09:38
    01 apr. 2023
    in FINANCIEEL
    
    IJMUIDEN - De aan Extinction Rebellion verwante actiegroep Kappen met Kolen gaat maandag een poort van Tata Steel tijdelijk blokkeren. In een Whatsappgroep van een deel-ondernemingsraad van het bedrijf wordt hierop met ferme uitspraken gereageerd.
    
    De hoogovens van Tata Steel ANP / HH
    
    Tientallen leden van Kappen met Kolen willen maandag een ’die-in’ houden bij de toegangspoort van Tata door als ’lijken’ op de grond te gaan liggen. Dit tot ergernis van werknemers van het bedrijf, onder wie vice-voorzitter Gerrit Idema van de centrale ondernemingsraad.
    
    In een Whatsappgroep waarin de leden van de deel-ondernemingsraad Operations van Tata Steel berichten met elkaar delen, wordt laatdunkend op de voorgenomen actie gereageerd. Screenshots van de onderlinge communicatie zijn in bezit van Noordhollands Dagblad.
    
    ’Gelijk de oven in’
    Als een werknemer in de appgroep het nieuwsbericht van NH Nieuws deelt met de kop ’Tientallen ’dode’ mensen liggen maandag voor de deur van Tata Steel’, reageert Idema: ’Gelijk de oven in dan gaat het niet stinken.’ Een ander lid van de ondernemingsraad typt: ’Arbeit macht Frei wou ik erbij zetten als hint.’ Terwijl weer een ander OR-lid zich afvraagt: ’Hebben wij die kist nog ergens liggen die we hebben gebruikt met de stakingen? Kunnen we ze gelijk wegdragen’, met toevoeging van smileys en een plaatje van een lijkkist.
    
    Voor een van de OR-leden is het reden om direct uit de appgroep te stappen: „Ik wil niet verbonden zijn aan een groep waarin dit soort foute opmerkingen worden gemaakt en verlaat deze groep dan ook per direct.”
    
    Vervolgens biedt het OR-lid dat de nazi-kreet heeft gebruikt, zijn excuses aan.
    
    Facebookgroep
    Woede over de protestactie is er ook in een Facebookgroep waar alleen Tata-personeel toegang toe heeft, en waar Noordhollands Dagblad inzage in heeft gehad.
    
    Een van de Tata-werknemers stelt voor: „Kunnen we niet even bellen met een waterwagen? Die gasten houden wel van een nat pak geloof ik.” „Waterkanon erop bij die groene terroristen”, steunt een ander dit idee. De term ’die-in’ (waarbij de activisten een tijdje voor dood op de grond gaan liggen) wordt door iemand gepersifleerd: „Dan gaan wij een ’live-on’ doen, dat wil zeggen we gaan er bovenop staan.”
    
    Een ander stelt voor om het spoor, waar de activisten op willen gaan zitten, onder stroom te zetten. „Gewoon overheen rijden. Ze zijn toch al dood”, meent een collega. Een andere Tata-collega stelt voor de Kappen met Kolen-activisten een ’rondrit over het terrein’ aan te bieden in een wagon waarin gloeiendhete vloeibaar ruwijzer wordt vervoerd. En weer een ander wil de activisten een enkele reis geven naar een van de drie converters (vloeibaarstaalpannen) in de Oxystaalfabriek.
    
    Tekst gaat verder onder de tweet
    
    Er komen nog veel meer gewelddadige suggesties voorbij. Activisten platwalsen, in een schrootbak gooien met een bulldozer, stront er overheen (’er ligt genoeg op straat’), brandslang erop, ’gratis crematie’ in Hoogoven 7, er overheen rijden met shovel of een andere grote auto, wegboksen en zo gaat het nog een tijdje verder.
    
    Tata keurt uitlatingen af
    Woordvoerder Andre Manning van Tata Steel keurt de uitlatingen van de ondernemingsraadsleden en de Tata-werknemers op Facebook af. „Dit is niet de taal die wij verwachten van onze Medewerkers en niet de manier om met deze zaken om te gaan. Ik snap dat mensen emoties hebben, maar dit is niet de manier waarop zij moeten reageren. Ik ben hier enorm van geschrokken.”
    
    Over de actie van Kappen met Kolen wil Manning nog wel wat kwijt: „Eigenlijk hebben wij hetzelfde doel als de actiegroep. Want ook wij willen kappen met kolen. Alleen wil de actiegroep waarschijnlijk dat wij dat sneller doen.” Tata Steel heeft plannen ontvouwd om na 2030 over te schakelen van steenkool op groen waterstof voor de staalproductie.
    
    ’Afschuw’
    Burgemeester Frank Dales van de gemeente Velsen, waar Tata Steel in ligt, reageert met afschuw op de opmerkingen van Tata-werknemers die hij telefonisch verneemt van deze krant. Vooral de nazi-kreet ’Arbeit macht Frei’ stoort hem. „Ik keur dat nadrukkelijk af.”
    
    Hij hoopt dat de actie maandag ’van alle kanten vreedzaam verloopt’. Daartoe heeft hij contact met de actieleiders van Kappen met Kolen, met Tata Steel en de politie.
    
    „Niemand zal bij deze actie 100 procent zijn zin krijgen. Als burgemeester probeer ik ervoor te zorgen dat iedereen voldoende aan zijn trekken komt, en dat aan het einde van de actie allen kunnen zeggen: dit is allemaal vreedzaam verlopen en we hebben allemaal onze doelen voor zover mogelijk kunnen bereiken. Als we allemaal een beetje rekening houden met elkaar, komen we een heel eind.”
    
    www.telegraaf.nl/financieel/188309176...
19. voda 3 april 2023 08:19

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    • voda

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    SAIL Achieves Best Ever Annual Steel Production in FY23
    
    Steel Authority of India Limited has achieved its best-ever annual steel production during the financial year 2022-23, ending on 31 March 2023. The company recorded 19.409 million metric tons of hot metal and 18.289 million metric tons of crude steel production with a growth of 3.6% and 5.3%, respectively, over the previous best. The company's production represents a capacity utilization of approximately 88% since its crude steel capacity stands at 20.63 million metric tons.
    
    The growth in production has brought SAIL closer to private sector peers such as JSW Steel and Tata Steel. While the production numbers of Tata Steel and JSW Steel are yet to be released, they are estimated to be over 19.5 million metric tons and 23 million metric tons, respectively, in FY23.
    
    SAIL's Durgapur Steel Plant and IISCO Steel Plant, Burnpur also posted their best-ever physical performance in FY23 in tandem with the overall performance of the parent. The hot metal and crude steel production at DSP was 2.57 million metric tons and 2.29 million metric tons, respectively. On both counts, the capacity utilization was more than 100%. Similarly, ISP also posted the highest-ever hot metal and crude steel production, which stood at 2.59 million metric tons and 2.42 million metric tons, respectively. They were higher by 8% and 9% over the previous year.
    
    The proposed scale of indicative investment by SAIL to reach the capacity of around 35 million metric tons of crude steel will be around ? 1,10,000 crore by 2030-31, in line with the Indian government's ambitious plan to achieve 300 million metric tons production by the end of this decade.
20. voda 3 april 2023 08:19

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    • voda

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    Worker Union Seeks Clarity over Thyssenkrupp's Restructuring Plan
    
    Labour representatives of Thyssenkrupp, a German industrial conglomerate, have criticized the company's leadership for failing to create a strategic roadmap, while also denouncing CEO Ms. Martina Merz's plan to create a group of companies as a failure, says Reuters
    
    The labour representatives, who hold significant power in the company due to the country's co-determination laws, expressed their frustration during a meeting with management on 31 March. They demanded that Thyssenkrupp's leadership provide a clear direction for the future of the company, which has struggled with financial difficulties and corporate restructuring in recent years.
    
    According to the labour representatives, Ms. Merz's plan to create a group of companies by separating Thyssenkrupp into several smaller entities has failed to yield the desired results. The plan, which was announced in 2021, was intended to streamline operations and improve profitability, but has been criticized by some as lacking in detail and vision.
    
    The labour representatives called for a new strategic roadmap that would prioritize the company's core businesses and provide a clear path forward. They also expressed concerns about the company's current financial situation, which has been impacted by a challenging economic environment and rising costs.
    
    In response to the criticism from the labour representatives, Thyssenkrupp's management acknowledged the need for a clear strategic roadmap and committed to working with the labour representatives to develop one. CEO Martina Merz also defended the "group of companies" plan, stating that it was still in progress and that the company was committed to finding the best path forward.
    
    Thyssenkrupp, which has a long history in the steel and engineering industries, has been undergoing a major transformation in recent years, with a focus on digitalization and sustainability. The company has also been exploring strategic partnerships and divestitures to improve its financial position.