Thyssenkrupp AG has announced that its supervisory board has approved the sale of a 20% stake in its steel division to Czech energy company EP Corporate Group (EPCG)Â .
The executive board of Thyssenkrupp reached an agreement in principle with EPCG at the end of April for the stake sale.
The supervisory board's decision was made possible by the chairman's use of a double vote, which went against the votes of employee representatives.
IG Metal, the German metalworkers' union, has expressed concerns about the speed and lack of transparency in the process, stating that the result based on the chairman's double vote "has buried the last hopes for a fair and democratic co-existence [of employers and employees]" . However, the union clarified that it does not oppose EPCG's participation in principle, but criticizes the "blind activism" during which it was not properly informed.
Thyssenkrupp emphasized that the strategic partnership with EPCG combines the materials capabilities of Thyssenkrupp Steel Europe with EPCG's energy expertise, which is seen as a significant contribution to securing the future of the steel industry in Germany.
The sale of the 20% stake is part of Thyssenkrupp's ongoing transformation and restructuring efforts, which also include the planned spin-off of its marine business and the decarbonization of its steel production.
