Job Layoffs

European steel merger could see 4,000 jobs axed

Germany's Thyssenkrupp and Tata Steel of India signed a preliminary deal on Wednesday to merge their European steel operations, a combination that could lead to up to 4,000 job cuts.

The move to create Europe's second-largest steel company is an effort to consolidate the industry, which has long struggled with excess capacity and competition, particularly from China.

The two firms signed a memorandum of understanding to form a 50-50 joint venture in a non-cash deal. Negotiations about details are to be concluded in time for a formal signing of the transaction at the beginning of 2018, and the merger of the second- and third-biggest players in Europe will require approval...

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