UK markets open in 1 hour 47 minutes
  • NIKKEI 225

    29,187.03
    +161.57 (+0.56%)
     
  • HANG SENG

    25,708.52
    +298.77 (+1.18%)
     
  • CRUDE OIL

    82.61
    +0.17 (+0.21%)
     
  • GOLD FUTURES

    1,775.60
    +9.90 (+0.56%)
     
  • DOW

    35,258.61
    -36.15 (-0.10%)
     
  • BTC-GBP

    45,284.50
    -244.43 (-0.54%)
     
  • CMC Crypto 200

    1,456.80
    +5.17 (+0.36%)
     
  • ^IXIC

    15,021.81
    +124.47 (+0.84%)
     
  • ^FTAS

    4,110.17
    -13.80 (-0.33%)
     

Thyssenkrupp to protect labor representation in Tata deal - Bild

Thyssenkrupp's logo is seen close to the elevator test tower in Rottweil, Germany, September 25, 2017. REUTERS/Michaela Rehle

FRANKFURT (Reuters) - Thyssenkrupp will guarantee that workers will be equally represented following the planned merger of its European steel operations with Tata Steel's , its chief executive told a German newspaper. "German steelworkers will keep their co-determination just the way it is today," Heinrich Hiesinger told Bild. Thyssenkrupp and India's Tata Steel last month agreed to merge their European steel operations, creating the continent's No.2 steelmaker with revenues of 15 billion euros (13.30 billion pounds). Co-determination in the coal and steel industries ensures equal numbers of labor and capital representatives on a company's supervisory boards and is seen as key to win over workers that fiercely oppose the deal. Hiesinger confirmed that job cuts in Germany would not exceed 2,000 if the joint venture goes ahead, but could not rule out further job reductions, saying it was unclear what would happen "in five or ten years". (Reporting by Christoph Steitz; Editing by Ken Ferris)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting