German industrial giant Thyssenkrupp on Friday rejected state participation to support it during the pandemic, an option favoured by unions but judged too costly by management.
Germany on Wednesday pledged to help its steel industry become carbon neutral by 2050, as the coronavirus pandemic squeezes a sector already in a prolonged crisis.
Thousands of Thyssenkrupp steel workers in Germany on Tuesday protested against planned job cuts, accusing bosses at the struggling conglomerate of mismanagement after a failed merger bid with Tata steel.
German industrial giant ThyssenKrupp said on Friday it had finally agreed to the merger of its steelmaking business with India's Tata, making the merged firm Europe's second-biggest steelmaker.
Chancellor Angela Merkel blasted US import duties on steel and aluminium imports Thursday as "illegal" and said they risked sparking a disastrous "spiral" of retaliatory measures.
Germany expects Washington to impose punitive tariffs on EU aluminium and steel imports from May 1st, a government source said on Thursday, hours before Chancellor Angela Merkel was to head for the United States.
A compromise could be reached as soon as this week between the European Union and United States over the tariffs President Donald Trump imposed on steel and aluminum, a German minister said Monday.
US President Donald Trump is "offending" allies and risking a global trade war with his controversial
tariffs on steel and aluminium, Germany's economy minister said Friday.
Steelworkers at German industrial
giant ThyssenKrupp have won guarantees that their jobs are secure until 2026, bringing the group a step closer to its planned merger with India's Tata Steel.
German conglomerate ThyssenKrupp on Saturday defended merger talks with Indian rival Tata Steel saying the consolidation of the sector in Europe was necessary due to the "difficult economic situation".
Volkswagen, Daimler, and Bosch are suspected of colluding on steel prices, leading to raids on their offices by the federal competition watchdog, it was reported on Tuesday.
ThyssenKrupp's supervisory board has agreed to take a 50-percent pay cut in view of the German heavy industry and steel giant's disastrous losses last year, its chief said on Friday.
German heavy industry giant ThyssenKrupp said on Monday it would not pay any annual dividends after it posted a loss of €4.7 billion for the year following a write-down of two loss-making steel plants.
The German Cartel Office has slapped one the world's largest steel producers with an enormous fine for fixing railway track prices with three other companies.
German industrial giant ThyssenKrupp said Tuesday it has agreed to sell its stainless steel unit Inoxum to Finnish group Outokumpu in a deal which valued the business at €2.7 billion ($3.6 billion).
German industrial giant ThyssenKrupp said Friday it booked heavy losses in its business year just ended owing to massive €2.9 billion ($3.9 billion) in writedowns on its US and stainless steel businesses.
German steel group ThyssenKrupp said on Friday that talks to create a broad joint venture with Abu Dhabi MAR had broken down, a setback for the German company's plans to reduce debt.
Some 85,000 steel industry workers in northwestern Germany will get a raise this autumn after their unions reached an agreement with employers on Thursday morning.
ThyssenKrupp on Thursday became Germany's latest corporate giant to announce it was pulling out of Iran as part of Western pressure on the Islamic republic over its nuclear programme.
Steelworkers in northwestern Germany went on strike Thursday in an attempt to increase pressure on employers to provide raises and equal pay across the industry.
The German steel group ThyssenKrupp posted on Friday a first quarter profit that was much better than expected, but warned a recovery remained fragile because sales would level off this year.
Thyssenkrupp said on Friday it would slash its workforce worldwide by about 20,000 in the coming year, as the steelmaker battles with record losses and an industry in crisis.
The Social Democratic (SPD) rivals to German Chancellor Angela Merkel’s Christian Democrats (CDU) suffered another blow on Friday when the IG Metall union, a traditional backer, withdrew its support two months before federal elections.
