BERLIN: German heavy industry giant ThyssenKrupp and Indian group Tata agreed Wednesday to merge their steel operations in Europe, taking second place in the market behind ArcelorMittal.
The two groups, which will finalise the deal in 2018, expect annual synergies of between 400 and 600 million euros ($480-720 million) and are likely to shed 4,000 jobs in production and administration.
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