thyssenkrupp steelworkers clinch deal ahead of tata merger
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

ThyssenKrupp steelworkers clinch deal ahead of Tata merger

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice ThyssenKrupp steelworkers clinch deal ahead of Tata merger

ThyssenKrupp and Tata say their tie-up is necessary to combat chronic overcapacity
london - Emiratesvoice

Steelworkers at German industrial giant ThyssenKrupp have won guarantees that their jobs are secure until 2026, bringing the group a step closer to its planned merger with India's Tata Steel.

ThyssenKrupp said late Thursday it had clinched a deal with Germany's powerful IG Metall union pledging there would be no job losses or major site closures until September 2026.

"The outcome achieved today represents a key prerequisite for meeting our strategic objectives and at the same time satisfying the interests of our employees," ThyssenKrupp CEO Heinrich Hiesinger said in a statement.

The agreement, which still needs to be approved by union members, clears a major hurdle for the conglomerate as it seeks to combine its steel operations with Tata to create Europe's second biggest steelmaker after ArcelorMittal.

ThyssenKrupp and Tata say the tie-up is necessary to combat chronic overcapacity in an industry roiled by a flood of subsidised Chinese steel.

While the merger will allow for economies of scale and other savings, the firms have warned it will also lead to some 4,000 job cuts that will be shared roughly evenly between the two groups.

ThyssenKrupp, which makes products ranging from car parts to elevators to submarines, has said it is not planning any forced redundancies.

Turning to its German steel works, it said "the future of the majority" of the sites was assured for the next nine years under the deal.

But the group said it would only guarantee operations for the sites in Bochum, Eichen and Huettenheim in western Germany until 2021.

ThyssenKrupp also promised to invest "at least" 400 million euros ($470 million) a year in its German steel works and retain the voting rights of German workers' representatives on the new supervisory board.

The merged holding company, to go by the name Thyssenkrupp Tata Steel, will be headquartered in the Netherlands.

It will have combined annual sales of some 15 billion euros and employ 48,000 people across 34 sites.

The tie-up should be completed by the end of 2018, added the German group.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

thyssenkrupp steelworkers clinch deal ahead of tata merger thyssenkrupp steelworkers clinch deal ahead of tata merger

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

thyssenkrupp steelworkers clinch deal ahead of tata merger thyssenkrupp steelworkers clinch deal ahead of tata merger

 



GMT 09:54 2018 Wednesday ,24 January

'Friendly and kind' N. Korean skaters

GMT 07:16 2018 Thursday ,18 January

Macron's tapestry gesture risks rousing

GMT 23:45 2018 Tuesday ,23 January

Europe in the pink of health, feels Bjorn

GMT 16:03 2017 Friday ,05 May

Ban on Omani foods

GMT 03:07 2017 Saturday ,30 September

Facebook helps UAE resident reunite with brother

GMT 00:05 2017 Wednesday ,15 November

Deadly heat from climate change may hit slums hardest

GMT 10:18 2016 Thursday ,27 October

Sharjah Book Fair’s Professional Programme attracts

GMT 13:56 2012 Sunday ,21 October

King Mohammed VI Gulf tour

GMT 19:28 2017 Sunday ,12 March

Carlos the Jackal faces trial again in France

GMT 05:55 2018 Tuesday ,23 January

US tax reforms send UBS profits plunging

GMT 06:01 2018 Saturday ,20 January

How to take a bullet, by 'Den of Thieves' star 50 Cent

GMT 23:50 2018 Thursday ,18 January

1.5 C climate goal 'very unlikely' but doable

GMT 08:42 2018 Wednesday ,17 January

Was preparing new version of 'Zombie'

GMT 13:06 2018 Tuesday ,16 January

The London Fashion Agency relaunches as LFA

GMT 14:17 2017 Friday ,03 February

Facing Trump trade threats, Mexico eyes new partners

GMT 10:33 2017 Thursday ,28 December

Putin files nomination for 2018 re-election bid

GMT 08:01 2017 Tuesday ,21 November

China's Tencent overtakes Facebook

GMT 10:15 2017 Tuesday ,21 November

US-Saudi warplanes hit Sanaa

GMT 07:42 2010 Wednesday ,15 September

Global regulators agree on tougher Basel III bank rules
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice