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Tata Steel and ThyssenKrupp merger deal confirmed Tata Steel and ThyssenKrupp merger deal confirmed
(35 minutes later)
India's Tata Steel and German steel manufacturer ThyssenKrupp have agreed the first stage of a deal to merge, it has been confirmed.India's Tata Steel and German steel manufacturer ThyssenKrupp have agreed the first stage of a deal to merge, it has been confirmed.
The companies signed a memorandum of understanding to combine their European steel operations in a 50-50 venture.The companies signed a memorandum of understanding to combine their European steel operations in a 50-50 venture.
They had been in negotiations since last year when Tata withdrew from a sales process to sell its entire UK operations, including in Port Talbot. The tie-up will lead to job losses, to be shared between the two companies.
Tata's £15bn pension scheme had been a major sticking point. They had been in negotiations since last year when Tata withdrew from a sales process to sell its entire UK operations.
BBC Wales reported the deal was imminent on Tuesday and it was confirmed early on Wednesday.
It follows an agreement with workers and the support of the pensions regulators, which meant Tata had distanced itself to a large extent from its pensions liabilities.
Almost 7,000 people are employed by Tata Steel across Wales, including more than 4,000 in Port Talbot - the largest steel works in the UK.Almost 7,000 people are employed by Tata Steel across Wales, including more than 4,000 in Port Talbot - the largest steel works in the UK.
In April, unions expressed fears a merger would be "high risk" and could lead to job josses. It was confirmed on Wednesday that the flat steel businesses of the two companies in Europe and the steel mill services of the ThyssenKrupp group will merge under the deal.
IG Metall union, which represents metalworkers in Germany, was concerned the joint venture could pave the way for ThyssenKrupp to exit the steel business entirely. But the two partners expect the move will lead to about 4,000 jobs going, half from administration and half from production.
The Community union said it would be seeking assurances for workers.
Roy Rickhuss, general secretary, said: "As a priority, we will be pressing Tata to demonstrate their long term commitment to steelmaking in the UK by confirming they will invest in the reline of Port Talbot's blast furnace number five.
"We must also be assured that ThyssenKrupp's pension liabilities will be ring-fenced with a cast-iron guarantee that UK steelworkers will never fund German pensions.
"We are now seeking an urgent meeting with Tata to fully understand their intentions for the UK in the context of the joint venture."
Who are ThyssenKrupp?
Andrew Robb, chairman of Tata Steel Europe, said the announcement marked the latest step in "building a future for Tata Steel's activities in Europe which is sustainable in every sense".
Business Secretary Greg Clark said the companies shared an ambition for Port Talbot "as a world-class steel manufacturer, with a focus on quality, technology and innovation".
Tata's £15bn pension scheme had been a major sticking point in the merger negotiations.
But an agreement with Tata workers and the support of the pensions regulators meant the company had distanced itself to a large extent from its pensions liabilities.