Tata-Thyssenkrupp Merger: New Metal Giant Expects To Reduce 4,000 Jobs

Tata Steel, a subsidiary of one of India’s biggest industrial groups, has faced numerous issues with its European steel business.
Thyssenkrupp and Tata said their planned joint venture will be Europe’s second-largest steel producer with annual revenues of almost $18 billion.
The company announced plans to offload its U.K. operations last year, blaming cheap Chinese steel imports for plummeting prices.
Europe is set to get a new steel giant after two of the industry’s biggest players agreed to team up.
He said the cuts will be distributed “roughly evenly” between his company and Tata, while suggesting that the jobs would end up being slashed even without the merger.

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