Representational image of a Tata Steel plant. Germany’s Thyssenkrupp and Tata Steel in September unveiled plans to merge their European steel operations, which has led to fears over significant job cuts. Photo: BloombergDuesseldorf (Germany): Steel workers at Thyssenkrupp have voted in favour of a labour agreement that will safeguard jobs and plants in a planned joint venture with Tata Steel, a person familiar with the matter told Reuters on Monday. Thyssenkrupp and Tata Steel in September unveiled plans to merge their European steel operations and forge Europe’s second-largest steel group after ArcelorMittal, which has led to fears over significant job cuts. Although not essential to the creation of the planned joint venture, workers’ approval to the labour agreement is seen as key to getting the deal done and shows Thyssenkrupp’s commitment to seek workers’ consent for far-reaching structural changes.

Source: Mint February 05, 2018 15:11 UTC