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Company News, 2005-02-03, 01:00 AM

Unions provoke break-off of negotiations on closure of electrical steel production in Terni

ThyssenKrupp Acciai Speciali Terni intends to close its electrical steel production at its Terni plant. This supervisory board resolution is irreversible. Jobs will be offered to the 350 employees. Signs of a solution were apparent in negotiations with the national and local governments and trade unions. But two of the major trade unions maintained their opposition. For this reason, the negotiations in the Palazzo Chigi in Rome were broken off in the early hours of this morning (February 02, 2005). Dr. Michael Rademacher, Chairman of the Executive Committee of ThyssenKrupp Acciai Speciali Terni, issued the following statement:

"In my opinion, the break-off of negotiations - provoked by the trade unions Cgil and Uil - which were making good progress under the moderation of Undersecretary of State Letta represents a fiasco for Italy as an industrial location, for Terni and Umbria and for our company ThyssenKrupp Acciai Speciali Terni and its employees. It was not possible to reach a mutually acceptable solution to a clearly defined problem affecting only a small part of our Terni plant. This would be inconceivable in other industrialized nations, especially as employees had been guaranteed jobs. We cannot accept persistent losses in our electrical steel production; its closure is inevitable and no longer an issue for discussion. The use of strikes to force through union aims, that ignore the facts completely, will put further jobs at risk, as we will have to compensate for the additional losses they cause and these funds will then no longer be available for investment. But in the long term, no company or plant can remain competitive without investment. That is why I hope we can find a swift solution which will minimize the damage to the entire plant and secure jobs in the future."

Contact:

ThyssenKrupp Steel AG
Erwin Schneider
Tel.: +49 203 52 - 2 56 90
Fax: +49 203 52 - 2 57 07
Email: erwin.schneider@thyssenkrupp.com

Dietmar Stamm
Tel.: +49 203 52 - 2 62 67
Fax: +49 203 52 - 2 57 07
Email: dietmar.stamm@thyssenkrupp.com

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