BOCHUM (dpa-AFX) - Thyssenkrupp CEO Miguel López has reaffirmed his determination to improve the state of the industrial group. "I have received a clear mandate in my talks with the capital market," the manager told shareholders at the Annual General Meeting in Bochum on Friday. Employees, customers, suppliers and politicians also wanted "us to get the Group back on track and position ourselves in such a way that we can grow profitably". That is what he has set out to do. "In future, we have to offer you more than a minimal return and an unsatisfactory share price," he continued.

Two billion euro loss

In the 2022/23 financial year, which ended at the end of September, value adjustments on the steel business running into the billions pushed the Group deep into the red. The bottom line was a loss of around two billion euros. Shareholders will nevertheless receive an unchanged dividend of EUR 0.15 per share thanks to a significant improvement in cash inflow. Turnover fell by nine percent to 37.5 billion euros.

The traditional group with around 100,000 employees has been in a state of upheaval for years. There are currently plans to make the two large divisions of steel and naval shipbuilding independent. Shortly after taking office, López also prescribed a program to increase the Group's efficiency.

First Annual General Meeting with López

It was the first shareholders' meeting with López, who took over the helm from his predecessor Martina Merz in June last year. It was also the traditional company's first in-person Annual General Meeting since the coronavirus pandemic.

Shareholder representatives criticize the Management Board

Shareholder representatives criticized the Management Board. "The management has failed to explain to the capital market why investors should still provide capital," said Daniel Vos from the German Investor Protection Association (Schutzgemeinschaft der Kapitalanleger). Christian Rohl from the Deutsche Schutzvereinigung für Wertpapierbesitz called the negative development of the share price a "permanent vote of no confidence by the stock market". Ingo Speich from the fund management company Deka Investment called on López to show not only "determination but also the ability to act".

IG Metall: López circumvents co-determination

Around 250 Thyssenkrupp employees demonstrated in front of the Bochum Congress Center before the start of the Annual General Meeting, calling for greater employee involvement in the future direction of the Group. The demonstration was called by IG Metall. López was the focus of the demonstration. The union accused him of circumventing co-determination. Co-determination has proven its worth, the union emphasized in a leaflet addressed to the shareholders. "We demand active participation of the workforce in all strategic processes at eye level. We are not obstructionists. We are fighting for the Group and for the preservation of jobs."

Nobody knows what Thyssenkrupp stands for anymore, it continued. Thyssenkrupp is a company without direction. "We strongly criticize this lack of direction on the part of the management." The union criticized López for his lack of transparency.

On Thursday, the deputy head of IG Metall, Jürgen Kerner, appealed to the Management Board to work "at eye level" with the employees again when developing the strategy.

Russwurm: double vote was an "exceptional case"

The relationship between IG Metall and López is considered strained above all because the Supervisory Board added two new positions to the Management Board at the end of November against all the votes of the employee side. The Chairman of the Supervisory Board, Siegfried Russwurm, had made use of the option to vote twice and thus overrule the employee side. He sees this double vote as an "exceptional case", said Russwurm on Friday./tob/DP/nas