Several thousand steelworkers took to the streets of Bochum in Germany’s industrial heartland to protest against the planned merger of the European steel units of Thyssenkrupp and Tata Steel.
Just days after general elections in Europe’s biggest economy, the demonstrators protested against up to 4,000 job cuts that will be made should the joint venture go ahead. This would be about 8% of the combined workforce.
Thyssenkrupp and Tata said they had signed a memorandum of understanding for a 50-50 joint venture that would create Europe’s second-biggest steelmaker after ArcelorMittal , with combined sales of about €15 billion (US$18 billion).
Thyssenkrupp Chief Executive Heinrich Hiesinger says a joint venture will be the best solution to what he sees as the main issue in Europe’s steel industry — overcapacity — but politicians and labour leaders fear further cuts.
Full Content: DW
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