Thyssenkrupp steel, workers agree on site closures, lower working hours in revamp

Thyssenkrupp TKA and trade union IG Metall on Saturday said they had agreed on reduced working hours, lower bonus payments and site closures as part of a push to revamp Germany's largest steelmaker.

Implementation of the new collective bargaining agreement, which runs until September 30, 2030, must be approved by IG Metall members at Thyssenkrupp's steel unit TKSE and is pending an agreement on the division's future financing, they said.