Thread regarding Tata Steel layoffs

4000 Redundancies at TATA / Thyssenkrupp

Just covered by CNN Money ( http://money.cnn.com/2017/09/20/investing/thyssenkrupp-tata-steel-europe-merger/ )

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.

http://money.cnn.com/2017/09/20/investing/thyssenkrupp-tata-steel-europe-merger/

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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