Thyssenkrupp to protect labour representation in Tata deal – Bild
Wed Oct 04 2017
Lucy Harlow (3603 articles)

Thyssenkrupp to protect labour representation in Tata deal – Bild

Thyssenkrupp (TKAG.DE) will guarantee that workers will be equally represented following the planned merger of its European steel operations with Tata Steel’s (TISC.NS), its chief executive told a German newspaper.

“German steelworkers will keep their co-determination just the way it is today,” Heinrich Hiesinger told Bild.

Thyssenkrupp and India’s Tata Steel last month agreed to merge their European steel operations, creating the continent’s No.2 steelmaker with revenues of 15 billion euros ($ 17.62 billion).

Co-determination in the coal and steel industries ensures equal numbers of labour and capital representatives on a company’s supervisory boards and is seen as key to win over workers that fiercely oppose the deal.

Hiesinger confirmed that job cuts in Germany would not exceed 2,000 if the joint venture goes ahead, but could not rule out further job reductions, saying it was unclear what would happen “in five or ten years”.

 

Lucy Harlow

Lucy Harlow

Lucy Harlow is a senior Correspondent who has been reporting about Commodities, Currencies, Bonds etc across the globe for last 10 years. She reports from New York and tracks daily movement of various indices across the Globe

Discussion

Rules of Discussion on Live Index

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.