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Company News, Capital market-relevant press releases, 2019-05-11, 06:39 PM

Executive Committee and Strategy, Finance and Investment Committee of the Supervisory Board unanimously support plans of the Executive Board - Basic agreement reached with IG Metall for the realignment

Today the Executive Board presented its plans for the realignment of the company to the Strategy, Finance and Investment Committee of the Supervisory Board. In the course of the meeting, the Committee unanimously approved the Executive Board's recommendations on the realignment of the Group. Part of the approval is a basic agreement between the Executive Board and IG Metall on the strategic realignment of the Group. The agreement lays out the key principles for the future-oriented management of the thyssenkrupp Group and sets the framework for responsible implementation of the new strategy.

The Executive Committee of the Supervisory Board also dealt intensively with the Executive Board's new strategy and, together with the Strategy, Finance and Investment Committee, will therefore recommend to the Supervisory Board to approve thyssenkrupp's realignment at its meeting on May 21.

The Executive Board's new strategy is to build a fundamentally new thyssenkrupp. The entrepreneurial freedom of the individual businesses is to be improved and the flexibility of the businesses increased. At the same time, the elevator business is to be listed on the stock exchange via an Initial Public Offering (IPO). The existing Group and administrative structures will become significantly leaner and the performance of the individual businesses will be improved. The plans also include a Group-wide performance program involving the reduction of 6,000 jobs.

Martina Merz, Chairwoman of the Supervisory Board of thyssenkrupp AG: “The Group’s realignment proposed by the Executive Board is a responsible decision for which I have great respect. The expected prohibition of the steel joint venture and the changed framework conditions have made a fundamental re-assessment of the previous course necessary. In this difficult situation, it will be possible for the Supervisory Board to consider the interests of employees, customers and shareholders equally. The committees will therefore recommend that the Supervisory Board approve the Executive Board's proposal on May 21. We will gladly accompany the Executive Board during the implementation of the strategic realignment. I would like to thank all those involved for the good cooperation in this difficult time.”

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