Workers supervise the flow of hot liquid metal at the blast furnace during the iron smelting process at the Thyssenkrupp AG plant in Duisburg, Germany. (Photographer: Krisztian Bocsi/Bloomberg)

Thyssenkrupp Secures Union Backing on Overhaul, Reuters Reports

(Bloomberg) -- Thyssenkrupp’s management and labor leaders reached an agreement on a reorganization announced on Friday that could result in 6,000 job cuts, Reuters reported Saturday, citing a senior workers’ leader and Thyssenkrupp personnel chief Oliver Burkhard.

Management and workers reached an agreement overnight that acknowledges the need for an overhaul while ensuring the fair treatment of employees, Reuters cited Markus Grolms, deputy head of the Thyssenkrupp works council, representing the IG Metall industrial trade union.

Thyssenkrupp’s Burkhard also confirmed to Reuters that an accord had been reached. However, additional details were not immediately available as a supervisory board meeting is due to take place on May 21 to vote on the plan.

Thyssenkrupp CEO Guido Kerkhoff announced on Friday a new proposal to take its elevator unit public and abandon a plan to split in two.

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