Latest news with #Thyssenkrupp
Bloomberg
a day ago
- Business
- Bloomberg
Thyssenkrupp Steel, Labor Union Reach Agreement on Job Cuts
Thyssenkrupp Steel Europe AG and IG Metall reached a restructuring agreement that will allow planned job cuts to proceed without forced layoffs through 2030, according to an emailed statement from the metalworkers' union on Saturday. The deal secures long-term investments, limits outsourcing and gives labor representatives a say in efficiency measures, marking a key step in the company's turnaround effort, the IG Metall union said.
Time of India
2 days ago
- Business
- Time of India
Thyssenkrupp steel, workers agree on site closures, less working hours in revamp, ET Infra
Advt 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 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 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 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 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.
CNBC
2 days ago
- Business
- CNBC
Thyssenkrupp steel, workers agree on site closures, less working hours in revamp
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% stake in TKSE to Czech billionaire Daniel Kretinsky, as planned. The investor already owns a 20% stake via a holding company.
Reuters
2 days ago
- Business
- Reuters
Thyssenkrupp steel, workers agree on site closures, less working hours in revamp
FRANKFURT, July 12 (Reuters) - Thyssenkrupp ( opens new tab 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% stake in TKSE to Czech billionaire Daniel Kretinsky, as planned. The investor already owns a 20% stake via a holding company.
Yahoo
2 days ago
- Business
- Yahoo
Thyssenkrupp steel, workers agree on site closures, less working hours in revamp
FRANKFURT (Reuters) -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% stake in TKSE to Czech billionaire Daniel Kretinsky, as planned. The investor already owns a 20% stake via a holding company.
