Diabytes
Thyssenkrupp News
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Tata Steel plans to cut jobs across its European operations as it wrestles with excess supply and high costs, the company said on Monday.
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The Commission, the executive arm of the 28-member European Union (EU), formally tabled its decision this week after ThyssenKrupp announced its decision to withdraw from the joint venture plans last month in anticipation of the EU ruling.
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Recently, thyssenkrupp was awarded Rs 2.5 billion contract for the retrofit of the Harpoon missile system in two of the Shishumar-class submarines.
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The JV, which has been under discussions since September last year, combines the European steel businesses of the Indian steel major with the German firm to create Thyssenkrupp Tata Steel BV.
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The global steel sector is emerging from a crisis in which global prices slid to 12-year lows in late 2015.
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The two groups were in talks for a merger of their European steel businesses for almost over a year.
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The European Union has imposed provisional import duties of as much as 28.5 percent on certain Chinese corrosion-resistant steels after an eight-month investigation found that the products benefited from unfair subsidies.
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German conglomerate ThyssenKrupp on Saturday defended merger talks with Indian rival Tata Steel saying the consolidation of the sector in Europe was necessary due to the "difficult economic situation".
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