In the application of the British Liberty Steel for the acquisition of the steel division of the German Thyssenkrupp, there is still no clarity regarding funding, said the leader of the influential IG Metall.
“Liberty has an idea. But it is unclear how it will be funded, ”IG Metall’s North Rhine-Westphalia regional leader Knut Giesler told Reuters ahead of the Thyssenkrupp annual general meeting on Friday.
“It has not yet been proven to be a sustainable concept.”
Liberty Steel filed a so-called tough offer to acquire the division last month, with sources saying the group has gained significant financial freedom to fund the deal.
In addition, Thyssenkrupp is also exploring the possibility of spinning off a steel division, while a third option could entail keeping the business and developing it under the parent group’s roof.
“An additional idea could be interesting if it keeps the entire 95,000-employee company safe,” Giesler said, adding that IG Metall will be comparing all options to its key requirements.
“Our red lines are well known. We have a collective agreement. The commitments made regarding job creation, site conservation and investment must be guaranteed. “