ESSEN (dpa-AFX) - The Supervisory Board of industrial group Thyssenkrupp approved a 20 percent stake in the steel division by energy company EPCG on Thursday. The decision was made with the second vote of the Chairman of the Supervisory Board against the votes of the employee representatives, as Thyssenkrupp announced. The Executive Board had reached an agreement in principle with EPCG at the end of April.

The EPCG holding company is owned by the Czech billionaire Daniel Kretinsky. The strategic partnership will primarily focus on energy supplies. Among other things, he owns all or part of the lignite companies Mibrag and Leag in eastern Germany, which want to generate more climate-neutral electricity from renewable energies in future. Slovakia's largest electricity producer, Slovenske elektrarny, is also part of his conglomerate. Kretinsky is also the largest shareholder in the wholesaler Metro. The EPCG share is to be increased to 50 percent in the future and the steel division is to become independent.

The Thyssenkrupp steel division is Germany's largest steel company. Around 27,000 people work there, 13,000 of them in Duisburg alone. Production capacities in Duisburg are to be significantly reduced against the backdrop of the weak economy and high energy costs, which will entail job losses. However, details are still open.

IG Metall: Risks of the sale are completely unclear

IG Metall expressed its dismay at the Supervisory Board's decision. The risks arising from the sale are completely unclear, explained the Second Chairman of IG Metall, Jürgen Kerner. He is also Deputy Chairman of the Supervisory Board of Thyssenkrupp AG. "The Steel Executive Board is currently working on a restructuring concept that will probably result in the loss of thousands of jobs." Billions would be due for the restructuring. "Thyssenkrupp AG is abdicating its responsibility for its employees even before the plan for the steel division is even available."

The employee side expressly welcomes EPCG's willingness to get involved in steel, Kerner continued. "We also understand that Mr. Kretinsky would like to gain insight into the development of the new plan." However, neither a hasty approach nor an immediate 20 percent stake is necessary. "What is needed now is prudence and clarity." Instead, there is wild actionism to send the steel division into independence. "This will meet with our fierce resistance," he continued.

Thyssenkrupp: Strategic partnership is an important step

Thyssenkrupp, on the other hand, expressed confidence. "The entry of EPCG combines the leading materials know-how of Thyssenkrupp Steel Europe with the energy expertise of EPCG," it said. The transaction is expected to be completed before the end of the current financial year. "The strategic partnership with EPCG is an important step towards ensuring resilient, cost-efficient and climate-friendly steel production at Thyssenkrupp Steel - and thus also a significant contribution to safeguarding the steel industry in Germany," the company added.

Prior to the meeting, several thousand employees had demonstrated at midday for more say and transparency in important company decisions. IG Metall criticized the fact that too little was known about the planned acquisition of EPCG for the Supervisory Board to be able to approve it. "A restructuring of Thyssenkrupp AG against the people will not succeed," said Tekin Nasikkol, Chairman of the Group Works Council. There must be an end to "the course against co-determination".

López: No more redundancies for operational reasons

Group CEO Miguel López also spoke at the rally. "We want to create socially acceptable solutions in constructive cooperation with the employee representatives," said López. "There will continue to be no compulsory redundancies. But we must act to ensure that steel from Duisburg continues to have a future." There were numerous heckles during López's speech./tob/DP/he