Steel chief quits after Tata merger

THE boss of steelmaker Thyssenkrupp has quit days after signing off on its merger with Port Talbot steelworks owner Tata.

Heinrich Hiesinger, 58, had been reportedly criticised by activist shareholders, including controversial hedge fund Elliott, for selling assets on the cheap.

After years of talks, it is hoped the merger with Tata will help protect thousands of UK steel jobs in the long term by creating a £13bn steel company better able to compete globally.

Defending his track record as he stepped down last night, Hiesinger said: ‘The joint venture with Tata is the next significant step to turn Thyssenkrupp into a strong industrial company.’