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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.
The tie-up will lead to job losses, to be shared between the two companies. The tie-up will lead to job losses, but a union said it had been assured there would be no "reductions in production capacities" across the UK.
They had been in negotiations since last year when Tata withdrew from a sales process to sell its entire UK operations. Almost 7,000 people are employed by Tata Steel across Wales.
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. That includes more than 4,000 in Port Talbot - the largest steel works in the UK.
The two companies had been in negotiations since last year when Tata withdrew from a sales process to sell its entire UK operations.
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.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.
But the two partners expect the move will lead to about 4,000 jobs going, half from administration and half from production.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.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. Roy Rickhuss, general secretary, said: "While a merger of this size will inevitably mean a review of support functions such as HR and IT, the vast majority of these roles are no longer located in the UK.
"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 have been assured there will be no asset closures or reductions in production capacities across the UK.
"We are now seeking an urgent meeting with Tata to fully understand their intentions for the UK in the context of the joint venture." "If the company does seek to implement compulsory redundancies we will fight that using every necessary means."
Councillor Alun Llywelyn, who represents Ystalyfera in Neath Port Talbot, said the deal was a "step forward" but added: "We need a lot more information about their business plan."Councillor Alun Llywelyn, who represents Ystalyfera in Neath Port Talbot, said the deal was a "step forward" but added: "We need a lot more information about their business plan."
Who are ThyssenKrupp?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".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".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.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.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.