Employees at Thyssenkrupp fear widespread job cuts and possible plant closures if company plans to merge 50 percent of its steel division with the Indian Tata Group go ahead.
One of Germany's oldest industrial giants has agreed to a merger deal with one of India's biggest steelmakers. Thyssenkrupp sought the deal as a way to overcome challenges caused by cheap Chinese steel.
The chief executive of German steel giant thyssenkrupp, Heinrich Hiesinger, has asked the board to accept his resignation. The move came shortly after the company confirmed its planned deal with Tata Steel.
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 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.
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