Thyssenkrupp Steel Executives Resign Amid Dispute

The Thyssenkrupp steel division is undergoing significant leadership upheaval following the resignation of CEO Bernhard Osburg, supervisory board chair Sigmar Gabriel, and several other executives due to escalating tensions with the parent company's management. Chairman Siegfried Russwurm criticized the steel division's leadership for failing to address long-standing structural challenges and economic difficulties, leading to a decision to restructure the loss-making unit. Gabriel accused Thyssenkrupp CEO Miguel López of an 'unprecedented campaign' against the steel board, asserting that it represented a serious breach of trust. The conflict centers around financial resources and restructuring plans, with proposals for significant job cuts amid weak demand and high operational costs. Thyssenkrupp plans to reduce steel production capacity by approximately 20%, affecting around 26,000 jobs within the division. The future of the steel division, which employs 27,000 people, remains uncertain as discussions on restructuring continue.