A PYMNTS Company

Germany: Union seeks employment assurances in Thyssenkrupp-Tata Steel merger

By  |  December 5, 2017

Germany’s biggest union has given Thyssenkrupp AG until December 22 to guarantee jobs and investments before the labor group will give its blessing to a joint venture with Tata Steel.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The IG Metall union submitted a 10-point catalog of demands including assurances that the Indian company won’t flood the European market with steel, the union’s Dusseldorf-based spokesman Mike Schuerg said by phone.

    Thyssenkrupp reached a tentative deal in September to merge its European steel businesses with Tata in a bid to create the region’s second-largest producer and help tackle overcapacity in the industry. The companies flagged the possible loss of as many as 4,000 jobs from a newly combined workforce of about 48,000.

    “The courtship with Tata’s gone on for a year and a half and we may be presented with a month or so to sign off on it,” Schuerg said. “We need clarity and assurances.”

    Full Content: Brink Wire

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.