Creation of Europe’s second largest steel group likely to lead to about 4,000 job losses but helps safeguard Port Talbot siteIndia’s Tata Steel has paved the way for a merger of its European operations with the German steel manufacturer ThyssenKrupp, creating Europe’s second largest steel group after ArcelorMittal. The two companies have been in talks to combine their European operations since Tata abandoned plans to sell its UK steel business last year, safeguarding the immediate future of the Port Talbot steelworks in south Wales. New Tata Steel scheme secures pensions for 130,000 workers Read moreA major hurdle to the merger was removed last month, when Tata reached an agreement over its £15bn pension scheme. “Under the planned joint venture, we are giving the European steel activities of ThyssenKrupp and Tata a lasting future. We are tackling the structural challenges of the European steel industry and creating a strong No 2,” said Heinrich Hiesinger, chief executive of ThyssenKrupp.

Source: The Guardian September 20, 2017 07:41 UTC