Thyssenkrupp and Union Agree on Steel Unit Restructuring
FRANKFURT (Reuters) -Thyssenkrupp's steel unit said on Wednesday that it has reached an agreement in principle with the IG Metall union around the planned restructuring of Germany's largest steel maker, adding its aim was to avoid forced layoffs.
The agreement, which follows Thyssenkrupp's announcement that up to 11,000 jobs at the steel unit had to be cut or outsourced, paves the way for deeper talks that are expected to result in a new collective wage agreement by summer, the company said.
Reaching a wage deal has been seen as a hurdle to be cleared before Thyssenkrupp can sell an additional 30% stake in the steel business to Czech billionaire Daniel Kretinsky, as planned.
The investor already owns a 20% stake via a holding company.
(Reporting by Christoph SteitzEditing by Ludwig Burger)
