Creation of Europe’s second largest steel group likely to lead to about 4,000 job losses but helps safeguard Port Talbot site

India’s Tata Steel has paved the way for a merger of its European operations with the German steel manufacturer ThyssenKrupp, creating Europe’s second largest steel group after ArcelorMittal.

Tata said the two companies had signed a “memorandum of understanding” to create a 50/50 joint venture based in Amsterdam, with an annual turnover of about €15bn (£13.3m), 48,000 employees, and annual shipments of about 21m tonnes of flat steel.

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