4,000 people to lose jobs in Tata Steel's Europe joint venture
Tata Steel's merger of its European operations with Germany's ThyssenKrupp to form a 50:50 joint venture will see around 4,000 job losses. The reductions would be shared roughly evenly between Tata and ThyssenKrupp. The joint venture will create Europe's second-largest steelmaker after ArcelorMittal, with $19.9 billion in revenues and an employee base of 48,000 people.