After weeks of dispute between Thyssenkrupp and IG Metall over the future of the steel division, the parties are approaching each other.

In an agreement in principle, Thyssenkrupp AG, the EPCG holding company of Czech investor Daniel Kretinsky, the Thyssenkrupp Steel Supervisory Board and Thyssenkrupp Steel have agreed that compulsory redundancies should be ruled out, the Group announced on Monday. In addition, a monitoring commission to be set up in the near future with the involvement of co-determination and IG Metall will be permanently involved in the process of structural realignment.

(Report by Tom Käckenhoff, edited by Ralf Bode. If you have any questions, please contact our editorial team at berlin.newsroom@thomsonreuters.com (for politics and the economy) or frankfurt.newsroom@thomsonreuters.com (for companies and markets).