Tata Steel planning lay offs in Europe: Report
Tata Steel's European arm is planning to cut jobs in the continent amid challenging market conditions, a source in the know of the matter said. A top Tata Steel official had earlier said that the steel major was looking to make European business stronger for which it would continue to explore various business options. The comments had come after its plans to merge European business with German steel giant Thyssenkrupp had fallen through.
The company is now planning job cuts in Europe amid challenging market conditions, the source said without divulging further information.
A query sent to Tata Steel seeking response remained unanswered.
A British paper had quoted Tata Steel Europe chief executive Henrik Adam as saying that the company was considering lay offs across European operations as it as facing many problems in the region.
In Europe, Tata Steel had plans to merge its business with ThyssenKrupp to create a 50-50 pan European joint venture company which would have formed the continent's second-largest steel company after Lakshmi Mittal's ArcelorMittal.
However, their plans of merger hit a road block as the European Commission did not give its approval saying the deal would have pushed up prices and reduced competition.
