Frankfurt (AFP)

Thousands of employees of Thyssenkrupp demonstrated Tuesday in Germany for the safeguarding of their posts and investments in the steel branch, in full restructuring of the group after the failed marriage with the Indian Tata.

According to the IG Metall union, which demands a "clear strategy" for steel within the conglomerate, nearly 6,000 employees gathered in front of the branch headquarters in Duisburg.

The troubled German industrial giant Thyssenkrupp has plunged into the red in 2018-2019 and anticipates further losses in the future due to a hefty restructuring plan that includes job cuts.

The problems of the group were further aggravated after the failure in June of the merger in Thyssen steel with the Indian Tata Steel, banned by the European gendarmes of competition.

This former German flagship, whose range of products ranges from steel to submarines through elevators and building materials, announced several months ago 6,000 job cuts, including 2,000 in steel. But the director of human resources warned at the end of November that this number could increase and did not dismiss dismissals.

The group employs a total of some 160,000 people worldwide.

The executive board around Martina Merz, who replaced Guido Kerkhoff in September after just 14 months in office, promised for December the details of a "concept" supposed to give a "long-term perspective" to the steel branch.

"We have to put an end to the indecisive strategy of the last years," said IG Metall, who is demanding guarantees for long-term employment and asks the company to give up the job cuts.

"We need fresh money," German steelworker Jörg Jakob told DPA. "For years there were only savings programs!"

"We are convinced that steel has a future and we will make these activities competitive," promised Thyssenkrupp spokesperson AFP, citing the 570 million euros in annual investments planned, or three times less than requested by IG Metall.

"We face great challenges and extensive measures are needed after the cancellation of the joint venture with Tata Steel," he said.

To release the financial resources that will be used for the restructuring, Thyssenkrupp will sell or float its elevator division valued by analysts around 15 billion euros.

A decision is expected in the first quarter of 2020.

© 2019 AFP