Thyssenkrupp workers signal support for joint venture with Tata Steel

Half of the 20 seats on Thyssenkrupp's board are held by labour representatives

Thyssenkrupp's powerful labour representatives on Thursday signalled their support for a planned joint venture with Tata Steel, effectively guaranteeing that the landmark deal will be approved by the group's supervisory board.

Workers' support for the deal is a major victory for Chief Executive Heinrich Hiesinger, whose vision to transform Thyssenkrupp into a technology company depends a great deal on reducing its exposure to the volatile steel industry.

Hiesinger, in the job since 2011, has faced growing criticism from key shareholders Cevian and Elliott in recent months, which have both argued that there is significant room for improvement at the steel-to-submarines