Steel workers at Thyssenkrupp expect substantial guarantees for jobs and plants ...
DUISBURG, Germany/MUMBAI - 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 on Wednesday.
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. On Wednesday, 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.
A source familiar with the matter told Reuters on Tuesday 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.
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