Workers fear job losses as ThyssenKrupp and Tata join to build Europe's second largest steel company. While the're demanding job garantees, CEO Heinrich Hiesinger says it would all be worse for jobs without the tie-up.
Workers at German steelmaker ThyssenKrupp have voted in favor of a labor agreement that will safeguard jobs and plants in the wake of a proposed joint venture with India's Tata Steel.
German industrial heavyweight ThyssenKrupp has seen a marked rise in its operating profit for its first quarter ending September 2017. And just before a merger, its steel unit proved a highly profitable division.
German industry giant ThyssenKrupp and Indian behemoth Tata have signed a memorandum of understanding on the merger of their European steel operations. The move is to address overcapacities in the market.
Thousands of steelworkers have come together in the western German town of Bochum to tell executives they are opposed to a merger between ThyssenKrupp and Tata. Plans for a tie-up were announced earlier in the week.
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