Thread regarding Tata Steel layoffs

4000 Redundancies at TATA / Thyssenkrupp

Just covered by CNN Money ( )

They are trying to combat cheap Chinese imports, but how do you do this when the Chinese continue to heavily subsidize the steel industry over there.

Thyssenkrupp and Tata Steel announced plans to merge their European operations on Wednesday to create a new force in an industry that is under intense pressure from cheap Chinese exports.

Thyssenkrupp and Tata said their planned joint venture will be Europe's second-largest steel producer with annual revenues of almost $18 billion. It will be headquartered in Amsterdam with more than 40,000 employees.

"Even with the joint venture it will not be possible to avoid job cuts," Thyssenkrupp CEO Heinrich Hiesinger said in a statement, adding that as many as 4,000 jobs are likely to be axed in the coming years.

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Last month Thyssenkrupp, the German lift company, said it would slash 6,000 jobs after abandoning plans for a merger with Tata Steel

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