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ThyssenKrupp CEO offers to step down amid shareholder criticism of Tata JV deal

ThyssenKrupp AG CEO Heinrich Hiesinger offered to step down and requested the company's supervisory board to find a mutual agreement for his decision.

"I take this step very consciously to enable a fundamental discussion in the Supervisory Board on the future of ThyssenKrupp," Hiesinger said in a July 5 statement.

ThyssenKrupp recently struck a definitive deal to form a 50/50 European steel joint venture with Tata Steel Ltd. Hiesinger has been facing pressure from major shareholders to secure a more favorable agreement in connection with the merger.

"The joint venture of our steel activities with Tata is the next significant step to turn ThyssenKrupp into a strong industrial company," he added.

The supervisory board will meet July 6 to discuss and decide on Hiesinger's request.