Tata Steel workers endorse merger with Thyssenkrupp
The union representing workers at Tata Steel`s European operations on Wednesday endorsed the company`s joint venture with Germany`s Thyssenkrupp following agreements on jobs, investment and production.
The two steel firms signed a landmark joint venture deal on Saturday to create Europe`s No.2 steelmaker with 17 billion euros ($20 billion) in sales, marking the sector`s biggest tie-up in more than a decade.
"With a jobs guarantee until 2026 and commitments to invest across the business, including a repair of blast furnace five at Port Talbot, this agreement means workers can look to the future with confidence," said Roy Rickhuss, general secretary of the Community union.
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"Tata must now fulfil their commitments ... (to) secure the future of all sites."
Tata Steel Europe has been a strain on its parent for about a decade, burning through approximately $1 billion of cash a year. Like Thyssenkrupp, it plans to slash up to 2,000 jobs as part of the joint venture deal.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)