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21 September 2017, 12:42 | Vickie Mathis
Thyssenkrupp AG's new company logo adorns it's headquarters in Essen Germany in this
Thyssenkrupp and Tata Steel struck a preliminary deal on Wednesday to merge their European steel operations in a 50-50 joint venture to create the continent's No.2 steelmaker after ArcelorMittal.
With this agreement, Tata's plants in the Netherlands and United Kingdom will be combined with Thyssenkrupp's German assets and would be managed through the entity's headquarters in Amsterdam.
"The two joint venture partners expect that leveraging the cost synergies across the entire entity will require a reduction in workforce over the years ahead by up to 2,000 jobs in administration and potentially up to 2,000 jobs in production".
The two companies said they intent to remain as long-term partners and continue the present network configuration of all the upstream hubs in the proposed joint venture.
Commenting on the MoU, Tata Steel Chairman N. Chandrasekaran said: "The Tata Group and thyssenkrupp have a strong heritage in the global steel industry and share similar culture and values".
Earlier, labor representatives, who have half of the seats on Thyssenkrupp's supervisory board, had also expressed concern over job losses.
Koushik Chatterjee, group executive director, Tata Steel, said the deal was an "important milestone" for Tata Steel Group in terms of its wider European portfolio strategy.
Tata Steel on Wednesday said it has signed an agreement with German steel giant Thyssenkrup to merge their steel operations in Europe in a 50:50 joint venture company. He argued that cost synergies in the range of EUR400 to EUR600 million per annum may be realised through the integration of commercial functions, R&D and other supporting activities.
Mr Hiesinger said that by combining their operations, the two companies are "tackling the structural challenges of the European steel industry".
There is undoubtedly an industrial logic behind a partnership which would create the second biggest steel business in Europe with all the benefits that could bring for the UK. "As a priority, we will be pressing Tata to demonstrate their long-term commitment to steel-making in the United Kingdom by confirming they will invest in the reline of Port Talbot's Blast Furnace No 5".
The European steel industry has been battling to cope with lower prices as a result of a flood of cheap imported steel, mainly from China, and the...
The deal could have sweeping implications for the industry and for 8,000 workers employed in the United Kingdom in particular.
London hopes the deal will secure the future of Tata's 4,000-strong site at Port Talbot in Wales, which sits at the heart of the local economy.
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