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Tata Steel & Thyssenkrupp to merge Europe operation

Sep 20, 2017, 5:43 AM EDT
Tata's Port Talbot Corus Steel Plant South Wales UK.
(Source: https://commons.wikimedia.org)

India’s Tata Steel and its German rival Thyssenkrupp have struck a deal to merge their European operations, a move that’s likely to slash 4,000 jobs while saving the 50/50 joint venture up to 600m euros annually.

Heinrich Hiesinger, chief executive of ThyssenKrupp, said that the decision of the tie-up comes after two companies realized the need to consolidate amid pressure from imports and excess production in the industry, writes the BBC.

Roy Rickhuss, chairman of the coordinating committee representing the Unite, GMB and Community unions, welcomed the merger while seeking further assurance on jobs, investment and future production across the U.K., notes The Guardian

TAGS: Tata Steel