Tata Steel to merge European operations with ThyssenKrupp
(The Guardian Business News)

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.Tata said the two companies had signed a `memorandum of understanding` to create a 50/50 joint venture based in Amsterdam, with an annual turnover of about EUR15bn (£13.3bn), 48,000 employees, and annual shipments of about 21m tonnes of flat steel. Continue reading...