Frankfurt: Thessencuppupp said on Monday that it has planned a major overhaul that would divide the huge group into several standalone businesses, apprehensions about the loss of further jobs and an exciting brake-up of the historic German industrial Titan. Once German may be a symbol of manufacturing, Thessencupop has come into crisis in recent years, as high costs at home, fall in prices for their products and fierce competition from Asian rivals influenced their traditional steel business specifically.In the early 19th century, the group that detects its history had already announced a large -scale job cut in the steel division and was in the process of demanding the closure of parts of the business. Monday announced the plan of Monday proceeds, and gradually involve all sections of the group – from auto parts to green technologies – in standalone businesses and opening them for external investment.The current thyssenkrupp group will be converted into a holding company with bets in individual businesses. Chief Executive Miguel Lopez said that the plan to be submitted to the Supervisory Board before the end of September will help the group to continue its “chosen courses”.He said in a statement, “Future freedom of our current sections … will increase the flexibility of their entrepreneurship, strengthen their investment plans and the responsibility of earnings and improve transparency for investors.” The move mainly relates to the group’s motor vehicle technology and green technology units as well as supply chain management. The objective for them is to become an independent business in the coming years, to maintain a controlled stake with Thessen Cup.Efforts to close their attractive submarine making unit were already running, and Czech billionaire Daniel Cretinsky took a 20 percent share in steel business, with it growing up to 50 percent. ‘Dramatic status’ In the afternoon trading at the Frankfurt Stock Exchange, with the shares of Thyssenkrupp, investors happy the news.But there was anger that some people were seen as the demise of a famous German manufacturing veteran, with around 100,000 employees worldwide, as well as there is a possibility of more job cuts. “Germany’s industrial icon face is being destroyed, there is a risk in thousands of jobs,” said Tabloid newspaper build. It said that the number of employees in the Group’s Essen headquarters will be reduced from 500 to 100. Thyssenkrupp refused to comment on the report. Politicians angry over the possible impact in the northern Rhine-Westphalia state, where Germany’s largest steel manufacturer is the major operations and is a major employer. Dennis Radtke, a lawist at the CDU party of Chancellor Frederick Merz, warned of “dramatic status for the entire price in the steel industry”, if the restructuring plan proceeds.ROriginally Edtke of the region told Stern Magazine that “Swift action was required to avoid carnez that would make us even more dependent on China … Chancellor should give the issue a top priority to the issue”.China has become a major competitor for traditional European steel manufacturers in recent years. A spokesman for the North Rhine-Westphalia state said it was “closely monitoring” the latest developments in Theinakup.He told the AFP that the state government’s “action focuses on acquiring jobs in Thyssenkrupp … and in the entire ispat industry and related price chains”, he told AFP.Thyssenkrupp has reported massive annual damage for the last two years. In November last year, it announced a plan to cut around 11,000 jobs in the steel division – more than one third of the workforce.
