LONDON (dpa-AFX) - India-based Tata Steel is planing to cut up to 3,000 jobs across Europe as it tries to cut costs amid stagnant demand and over supply in the region.
The company said, 'Stagnant EU steel demand and global overcapacity have been compounded by trade conflicts which have turned the European market into a dumping ground for the world's excess steel capacity.'
The company reportedly is restructuring its European operations after the collapse of a planned merger. There was speculation earlier that the steel giant would cut thousands of jobs to face the structural challenges and weaker demand for European steel.
Tata Steel employs around 20,000 workers across the continent, including around 11,000 workers in the Netherlands.
Copyright RTT News/dpa-AFX
© 2019 AFX News
