Thyssenkrupp steel, workers agree on site closures, less working hours in revamp, ET Infra
Thyssenkrupp and trade union IG Metall on Saturday said they had agreed on reduced working hours, lower bonus payments and site closures as part of a push to revamp Germany's largest steelmaker.The accord with steel workers marks a major step in Thyssenkrupp's restructuring, under which the former German industrial icon is planning to turn into a holding company, and comes after renewed tension between management and labour representatives.Implementation of the new collective bargaining agreement , which runs until September 30, 2030, must be approved by IG Metall members at Thyssenkrupp's steel unit TKSE and is pending an agreement on the division's future financing, they said.The agreement follows Thyssenkrupp's announcement that up to 11,000 jobs at the steel unit, TKSE, had to be cut or outsourced and that annual production capacity would be lowered to 8.7-9.0 million tons from 11.5 million tons."We went to the pain threshold and only made concessions where it was really necessary in order to secure jobs and locations," said Tekin Nasikkol, head of Thyssenkrupp's works council and member of the group's supervisory board."We have now created the conditions for the company to emerge from the difficult situation out of its own strength," Nasikkol said in a statement.Thyssenkrupp had wanted to reach a deal regarding the restructuring by summer and both sides aim to finalise the current agreement by the end of September.Reaching a wage deal has been seen as a key hurdle to be cleared before Thyssenkrupp can sell an additional 30 per cent stake in TKSE to Czech billionaire Daniel Kretinsky , as planned. The investor already owns a 20 per cent stake via a holding company.
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Time of India
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One of Trump's closest allies, Georgia Meloni's minister Antonio Tajani, says EU will hit US with €21 billion in tariffs
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First Post
12 hours ago
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Time of India
12 hours ago
- Time of India
Thyssenkrupp Steel Restructuring: Thyssenkrupp steel, workers agree deep cuts in major overhaul, ETHRWorld
Advt Advt Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. All about ETHRWorld industry right on your smartphone! Download the ETHRWorld App and get the Realtime updates and Save your favourite articles. By Christoph SteitzFRANKFURT: Thyssenkrupp and trade union IG Metall on Saturday said they had agreed on reduced working hours, lower bonus payments and site closures as part of a push to revamp Germany's largest steelmaker and prepare it for a standalone accord with steel workers marks a major step in Thyssenkrupp's restructuring, under which the former German industrial icon is planning to turn into a holding company, and comes after renewed tension between management and labour of the new collective bargaining agreement, which runs until September 30, 2030, must be approved by IG Metall members at Thyssenkrupp's steel unit TKSE and is pending an agreement on the division's future financing, they package, agreed after several days of non-stop negotiations, will result in annual savings of more than 100 million euros ($117 million), a person familiar with the matter Schulte, TKSE's board member in charge of human resources, told journalists on Saturday that the comprehensive deal was "the biggest ever" in the group's agreement follows Thyssenkrupp's announcement that up to 11,000 jobs at TKSE, or around 40%, had to be cut or outsourced and that annual production capacity would be lowered to 8.7-9.0 million tons from 11.5 million tons."We went to the pain threshold and only made concessions where it was really necessary in order to secure jobs and locations," said Tekin Nasikkol, head of Thyssenkrupp's works council and member of the group's supervisory board."We have now created the conditions for the company to emerge from the difficult situation out of its own strength," Nasikkol said in a had wanted to reach a deal regarding the restructuring by summer and both sides aim to finalise the current agreement by the end of a wage deal has been seen as a key hurdle to be cleared before Thyssenkrupp can sell an additional 30% stake in TKSE to Czech billionaire Daniel Kretinsky, as planned. The investor already owns a 20% stake via a holding company. ($1 = 0.8555 euros) (Reporting by Christoph Steitz; Editing by Sharon Singleton and Tomasz Janowski)
