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

Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less
Grant Thornton's Anuj Chande urges UK firms to tap booming India

Anuj Chande

Grant Thornton's Anuj Chande urges UK firms to tap booming India

INDIAN companies are well placed to support the UK’s economic growth, Eastern Eye has been told by Anuj Chande, partner and head of the South Asia Business Group at Grant Thornton.

He was speaking after the publication of Grant Thornton’s India Meets Britain Tracker 2025: The latest trends in Indian investment in the UK, which was released last week. While companies in India need little encouragement to enter the UK market, the reverse is not true.

Keep ReadingShow less