Industry: Why Thyssenkrupp's steel subsidiary is cutting thousands of jobs
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|Germany's largest steel manufacturer, TKSE, has reached an agreement with IG Metall on a tough restructuring. However, one important question about the company's future remains unanswered.
IG Metall and management of Germany's largest steel producer negotiated for three days and three nights. Then, this weekend, there was a breakthrough, just in time for the start of the summer holidays in North Rhine-Westphalia : Thyssenkrupp Steel Europe (TKSE) and the union agreed on the key points of a restructuring collective agreement . This agreement calls for the shutdown of plants and the socially acceptable elimination of 5,300 jobs. When the crisis-hit Duisburg-based company presented its plans in November, IG Metall reacted with outrage. Officials spoke of unimaginative clear-cutting , a declaration of war, and a catastrophe.
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