Thyssenkrupp steel board to meet next week as major overhaul takes shape, sources say [Reuters]
THYSSENKRUPP AG S/ADR (TKAMY)
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Source: Reuters
at its steel division next week, two people familiar with the matter said, in what is likely to result in substantial capacity and job cuts at the unit. The supervisory board of Thyssenkrupp Steel Europe, Germany's largest steelmaker, is scheduled to meet on April 11 to discuss the strategy, the people said, declining to be named as the talks are confidential. The review is expected to form the basis for talks with powerful labour unions, which have half of the supervisory board seats. Details may include more specifics on which parts of the business will be affected, the people said, also pointing to possible changes at steel joint venture HKM, which Thyssenkrupp co-owns with Salzgitter (SZGG.DE) , opens new tab and Vallourec (VLLP.PA) , opens new tab The plan may lay the foundation for thousands of job cuts at the business, they said, though it was not clear yet whether there would be any forced layoffs and that no final decisions had been taken. Under a previous agreement
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