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ThyssenKrupp workers approve labor deal for proposed merger with Tata Steel

ThyssenKrupp AG workers voted in favor of a labor deal that will safeguard jobs and plants in the German steelmaker's planned joint venture with Tata Steel Ltd. until 2026, Reuters reported.

According to the report, 71% of the approximately 20,700 members of the IG Metall union participated in the vote, where more than 92% approved the deal.

The approval was seen as a prerequisite to closing the deal done as it avoids the risk of strikes and potential delays.

In November 2017, the company began talks with the IG Metall trade union over job cuts resulting from the merger of the company's European steel operations with that of Tata Steel's, following the staging of a protest by about 8,000 workers.

Both Tata Steel and ThyssenKrupp announced 4,000 job cuts as part of the deal, split equally between the European operations of both companies, with the latter saying that it aims to implement the cuts without forced layoffs.