Finance
Thyssenkrupp steel unit, union reach general agreement on restructuring
Published by Global Banking & Finance Review®
Posted on May 7, 2025
1 min readLast updated: January 24, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on May 7, 2025
1 min readLast updated: January 24, 2026
Thyssenkrupp's steel unit and IG Metall union have agreed on restructuring plans, aiming to avoid forced layoffs and paving the way for a new wage agreement.
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)
The main topic is the agreement between Thyssenkrupp's steel unit and the IG Metall union on restructuring plans to avoid forced layoffs.
The agreement allows for deeper talks on a new wage deal and facilitates the potential sale of a stake to Daniel Kretinsky.
Daniel Kretinsky is a Czech billionaire investor who currently owns a 20% stake in Thyssenkrupp's steel unit.
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