Thyssenkrupp steel unit, union reach general agreement on restructuring
Tweet
Share
E-mail
FILE PHOTO: The logo of ThyssenKrupp is seen at an escalator in Doha, Qatar December 7, 2022. REUTERS/Wolfgang Rattay/File photo
FRANKFURT (Reuters) -Thyssenkrupp's steel unit said on Wednesday that it has reached an agreement in principle with the IG Metall union around the planned restructuring of Germany's largest steel maker, adding its aim was to avoid forced layoffs.
The agreement, which follows Thyssenkrupp's announcement that up to 11,000 jobs at the steel unit had to be cut or outsourced, paves the way for deeper talks that are expected to result in a new collective wage agreement by summer, the company said.
Reaching a wage deal has been seen as a hurdle to be cleared before Thyssenkrupp can sell an additional 30% stake in the steel business to Czech billionaire Daniel Kretinsky, as planned.
The investor already owns a 20% stake via a holding company.
(Reporting by Christoph SteitzEditing by Ludwig Burger)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- US Treasury's Bessent faces G20 diplomacy test amid tariffs, Iran war, bond turmoil
- Niger says it regains control of airbase after soldiers mutiny
- South Korea names veteran technocrat Lee Hyoung-il as new finance chief in cabinet reshuffle
Create E-mail Alert Related Categories
ReutersSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
