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Trade union IG Metall sets Dec 22 deadline in talks over Thyssenkrupp Tata Steel UK deal

Steel News - Published on Tue, 05 Dec 2017

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Reuters reported that German labour union IG Metall has given Thyssenkrupp until December 22 to agree guarantees on jobs, plants and investment if the company is to get the union's backing for its deal with Tata Steel to merge their European steel operations. Labour representative Detlef Wetzel, who is also deputy supervisory board chairman of Thyssenkrupp Steel Europe, told Reuters "We are putting an end to this process of playing for time. We will negotiate until December 22 and that will be the end on Monday. If there is an outcome to negotiations by then we will let IG Metall members vote on it."

The deadline puts further pressure on Thyssenkrupp Chief Executive Heinrich Hiesinger, who has said he wants the approval of shop stewards for the plan to merge the group's European steel business with that of Tata Steel.

Hiesinger hopes to reach a final deal with Tata Steel in early 2018 but that depends on whether he can get it passed by Thyssenkrupp's supervisory board, where workers' representatives have called for jobs and plantsto be secure for 10 years.

Labour leaders hold half of the 20 seats on Thyssenkrupp's supervisory board, and while a deal can still be pushed through without their consent, their approval could significantly smooth the transaction

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Posted By : Nanda Koijam on Tue, 05 Dec 2017
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