December 21, 2017 / 7:20 PM / in a year

Workers strike deal with Thyssenkrupp to pave way for steel merger-union

DUESSELDORF, Dec 21 (Reuters) - Workers on Thursday struck a deal with the management of Thyssenkrupp over steel plants and jobs, the IG Metall union said, a major step towards a planned merger of the group’s European steel unit with that of Tata Steel.

The agreement, which still needs to be approved by IG Metall’s members, foresees no forced layoffs and site closures for nine years if the steel joint venture goes ahead.

Under the deal, Thyssenkrupp would have to keep its 50 percent stake in the entity for at least six years. (Reporting by Matthias Inverardi and Tom Kaeckenhoff; Writing by Christoph Steitz. Editing by Jane Merriman)

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