“We are now unconvinced the joint venture is in the best interests of Tata Steel Europe. We believe that the agreements we reached with the Tatas are not being honoured,” the works council said in a statement issued on Wednesday. The works council added it will call an emergency meeting on May 10, while British representatives will also seek to meet. The steel joint venture is a key part of Thyssenkrupp’s transformation plan, which also includes a planned spin-off of its elevator, car parts and plant engineering units to form a separately listed entity. In December last year, Tata Steel and Thyssenkrupp named the team who will lead the management board that will run the proposed European steel joint venture between the two companies.

Source: The Telegraph May 01, 2019 18:33 UTC