قالب وردپرس درنا توس
Home / Business / Tata Steel and Thyssenkrupp merger welcomed by the unions

Tata Steel and Thyssenkrupp merger welcomed by the unions



  Tata Steel in Port Talbot

image copyright
Getty Images

Caption

Tata owns Britain's largest steel mill in Port Talbot

Unions have welcomed a merger between Tata Steel and Thyssenkrupp, which will produce the second largest steel producer in Europe.

The merger integrates Tata's UK plants into a pan-European company that includes the largest steel mill in the UK in Port Talbot

Tata said his "ambition" was in the United Kingdom as part of the Joint Ventures to make any redundancies.

Steel workers' union said the deal could secure jobs and lead to investment. [1

9659007] The Secretary-General of the Community, Roy Rickhuss, said he has "the potential to secure jobs and steel production for a generation."

But he also warned that the company would only succeed if there were strategic investments to make the business flourish [19659007] The German Thyssenkrupp Supervisory Board gave the green light for the merger on Friday – the two companies have been negotiating for more than a year.

They employ about 48,000 workers between them.

Fears of job losses s

The merged group expects cost savings of between £ 350m and £ 440m per annum.

When details of a first agreement were announced in September last year, both sides said that about 4,000 jobs would be expected in the merger, half out of administration and half out of production.

In Wales, nearly 7,000 people work for Tata, including Deeside and more than 4,000 in Port Talbot.

Tata announced in 2016 that he wanted to sell his entire UK operations – before scrapping plans and options for a merger.

  • Tata: Turbulent Year for the British Steel Industry

The unions welcomed the deal but also wanted to end the insecurity for the workers

Unite the union The official Tony Brady said the workers had "made great sacrifices at work to secure a future for Tata Steel ".

"We will seek guarantees for jobs and investment for the Joint Venture's UK operations to secure the future of British steel," he added.

Ross Murdoch, National Officer of the GMB, repeated his remarks.

"Important milestone"

Thyssenkrupp boss Heinrich Hiesinger said earlier that the two companies would have to consolidate and become more efficient and overcapacity within the industry due to increasing import pressure.

More recently, European steelmakers have faced 25% tariffs on exports to their largest market, the United States.

"The joint venture with Tata Steel is an important milestone in transforming Thyssenkrupp into an industrial and services group that will significantly improve ThyssenKrupp's financials," the group said in a statement.

She added that "the signing of the final agreement is expected soon" and that the transaction must be completed in several jurisdictions including the European Union

Natarajan Chandrasekaran, chairman of Tata Steel, said: "This is a significant milestone for Tata Steel and we remain fully committed to the long-term interest of the joint venture.

"We are confident that this company will add value to all involved. "

The company will create the second largest steel company in Europe after Arcelor Mittal.

The new company Thyssenkrupp Tata Steel, with an annual turnover of approximately £ 13bn, would be located in the Netherlands.


Source link