Steel industry: German and Indian steel giants will jointly set up Europe's second largest steelmak

Germany ThyssenKrupp AG and India Tata Steel Co., Ltd. jointly announced that the two companies will merge their European operations, thus forming a second only after ArcelorMittal's second largest steel company in Europe.
Headquartered in Essen, Germany, ThyssenKrupp is a veteran diversified industrial group with nearly 155,000 employees in nearly 80 countries and regions, with sales of € 39.3 billion in 2015/2016 fiscal year The The main business, including the iron and steel and other fields of the tower group is India's largest enterprise group, its 2015-2016 fiscal year total revenue of 103.51 billion US dollars, the number of staff in the world more than 660,000 people.
According to the Memorandum of Understanding signed on the 20th, ThyssenKrupp and Tata Steel will merge their steel business in Europe in proportion to 50% of their shares. The new company headquarters, with 34 divisions and about 48,000 employees, will be located in Amsterdam, the Netherlands, with annual sales expected to reach € 15 billion and annual shipments expected to reach about 21 million tonnes.
The biggest potential obstacle to the merger is layoffs. According to a report from the German television, the whole of Europe has 300,000 people engaged in the steel industry, only Germany will have more than 80,000 people. According to ThyssenKrupp issued a statement on the 20th, after the merger of the two companies will cut 2000 jobs.
The German trade union (IGMetall) and the ThyssenKrupp business union have expressed strong opposition to the merger plan and called for a meeting in Bochum, Germany, on the 22nd of this month, according to German media reports. Protest rally. It is expected that at least 5,000 metallurgical workers will participate in the day's protests.
In response to the above concerns, ThyssenKrupp and Tata said in a statement that the two sides signed a memorandum of understanding will allow ThyssenKrupp AG and its steel business sector staff representatives to participate in the next merger process.
"All employees will be respected as always," the statement said.
Related Products: St37-2   S235JR    SS400    A573Grade 70