Skip to content
Search

Latest Stories

Thyssenkrupp steel workers want guarantees should Tata Steel deal dissolve

STEEL workers at Thyssenkrupp expect substantial guarantees for jobs and plants even if a planned joint venture with India's Tata Steel falls apart, the head of Thyssenkrupp Steel Europe's works council said today (3).

The two companies last year agreed to combine their European steel activities, a move that would create the continent's second-largest steelmaker but still needs European Commission approval.


Powerful steel workers at Thyssenkrupp, who have long been critical of the deal, last year gave their consent in exchange for far-reaching guarantees, including job and plant protection until 2026.

On Wednesday (3), they said that these guarantees should remain in place even if the joint venture fails, a real risk as it is unclear whether Brussels will agree to a list of remedies the two groups submitted earlier this week to gain approval.

"Should a joint venture  in theory - not happen we demand the same protection for our employees and our plants," Tekin Nasikkol, head of Thyssenkrupp Steel Europe's works council, said.

"Nine months after the signing there is still no clarity - that creates great uncertainty among employees."

A source familiar with the matter said yesterday (2) that the companies saw limited scope in improving their remedy offer should the Commission, which has set a June 5 deadline to make a decision, deem it insufficient.

Thyssenkrupp chief executive Guido Kerkhoff, who is currently pursuing a plan to break up the elevators-to-submarines conglomerate, said in February that if the joint venture falls apart "it won't kill us".

Analysts at Jefferies have previously said that keeping Thyssenkrupp Steel Europe would be better for its parent from a credit rating perspective.

Nasikkol said he did not think that Thyssenkrupp's management was less committed to implementing the joint venture or the break-up: "They are working flat out on it."

A spokesman for Tata Steel said it too continued to support the logic behind the planned venture.

"We're committed to working closely with all relevant regulators and remain confident of the benefits of the joint venture to all our stakeholders," he said in an e-mail.

(Reuters)

More For You

UK grocery inflation eases to 5 per cent in August

Britain’s food retailers have said that higher employer taxes and regulatory costs as well as increased staff wages are adding to inflationary pressure

iStock

UK grocery inflation eases to 5 per cent in August

British grocery inflation nudged down to stand at five per cent over the four weeks to 10 August, data from market researcher Worldpanel by Numerator showed on Tuesday (19), providing a little relief for consumers.

The figure, the most up-to-date snapshot of UK food inflation, compared with 5.2 per cent in last month’s report.

Keep ReadingShow less
SNEYD Launches Mobile App, Simplifying Cloud Mining for Global Cryptocurrency Investors

SNEYD Launches Mobile App, Simplifying Cloud Mining for Global Cryptocurrency Investors

As the global cryptocurrency market expands, UK-based cloud mining platform SNEYD has released a new mobile app that redefines how users participate in cryptocurrency mining. This launch provides a seamless experience for users looking to earn passive income from Bitcoin, Dogecoin, Litecoin, and other major digital assets—without requiring hardware or technical expertise.

As the global cryptocurrency market expands, UK-based cloud mining platform SNEYD has released its new mobile app, redefining how users can participate in cryptocurrency mining. This launch provides a seamless experience for users looking to earn passive income from Bitcoin, Dogecoin, Litecoin, and other

Keep ReadingShow less
Modi-Getty

In his Independence Day address, Modi said the goods and services tax (GST) would be reformed and rates lowered by Diwali, which falls in October. (Photo: Getty Images)

Getty images

India to slash consumption tax by October after Modi’s reform push

INDIA’s government will reduce consumption tax rates by October, a top official said on Friday, hours after prime minister Narendra Modi announced reforms to support the economy amid trade tensions with the United States.

The federal government is planning a two-rate structure of 5 per cent and 18 per cent, removing the existing 12 per cent and 28 per cent slabs, the official told Reuters, requesting anonymity as the plans are still under discussion.

Keep ReadingShow less
Morrisons CEO joins Gol Gappay eating contest to mark South Asian Heritage Month

CEO of Morrisons Rami Baitiéh (centre) takes on the Heera Foods Gol Gappay challenge

Morrisons CEO joins Gol Gappay eating contest to mark South Asian Heritage Month

Morrisons chief executive Rami Baitiéh took part in a lively “Gol Gappay Challenge” at the supermarket’s Bradford headquarters on Tuesday, as part of celebrations for South Asian Heritage Month.

The event, hosted in the company’s central atrium, was led by Bradford-based Heera Foods, which served up its popular Gol Gappay – crispy puris filled with spiced chickpeas and tangy water – to staff and visitors.

Keep ReadingShow less
One-click start, SNEYD makes digital asset income within reach

One-click start, SNEYD makes digital asset income within reach

Amid persistent inflation, high market volatility, and an uncertain economic outlook, many people are anxious and unsure about their financial future. While we can't influence the direction of the macroeconomy, we can still control the direction of our personal finances. Understanding your own financial situation is the first step towards financial well-being. With clear financial insight, you can make more confident and forward-thinking decisions, building a stronger future for yourself and your family.

About SNEYD

Keep ReadingShow less