ThyssenKrupp steelworkers clinch deal ahead of Tata merger

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.