eighteen and if approved by regulatory authorities both companies would tie up to become to some corp tata steel with both sides owning fifty percent of the new company the headquarters will be located in the netherlands the move will likely lead to job losses which will be shared between two thousand corp and tata the new synergies should save the company six hundred million euros per year the steelworkers union already called for a protest demonstration european steel makers have been under pressure for years from china the cheap steel it produces for the world market. and for more on that a mega merger in the steel industry i am joined now by the chief financial officer of his group good to cacophony he joins us from the quarters in s. and good to have you with us so what are we to make of this a merger does it mean that to some cope is now turning its back on the steel industry. no that is clearly not the case i mean take a look at the history of to some crow as the name already present trouble as a result of mergers coming from the past and it was crop it was first it was wrong to stall and

eighteen and if approved by regulatory authorities both companies which tie up to become to some corp tata steel with both sides owning fifty percent of the new company headquarters will be located in the netherlands where the move will likely lead to job losses which will be shared between twosome corp and tata the new synergies should say for the company's six hundred million euros per year the steelworkers union announced a protest march for friday european steel makers have been under pressure for years from china and the cheap steel it produces for the world market. and for more on that a mega merger in the steel industry i am joined now by the chief financial officer of his in club good to cacophony he joins us from the quarters in s. and good to have you with us so what are we to make of this a merger does it mean that to some cope is now turning its back on the steel industry. no that is clearly not the case i mean take a look at the history of towson krup as the name already to some trouble as a result of mergers coming from the past it was to us and it was crap it was first it was run

a mega merger in the steel industry germany's corp and india's tata agreed to a joint venture how will they size up to the mighty chinese. and conflicted fed prepares its policy update a big test for the us dollar. i mean physical and let's do business the scene is set for a jobs battle german industrial giant twosome corp is teaming up with indian group tata merging their steel operations it's the result of a massive global steeled lot the news has sent governments and unions scrambling to save jobs. they are the second and third largest steel companies in europe the joint venture at this improved tata steel now expects to produce twenty one million tons of steel from nearly three dozen sites across the continent cheap steel imports from china and large production footprints have challenge europe's steel industry in recent years concert restructurings have done little to help the company leaders say the merger is the only alternative going forward canada under soon and no other option dealt with the fundamental problem a structural overcapacity. the new venture aims to save up to six

a mega merger in the steel industry germany's tousen corp and india's tata agreed to a joint venture how will they size up to the mighty china aids. and conflicted fed prepares its policy update a big test for the us dollar. i'm paying for school and let's do business the scene is set for a jobs battle german industrial giant to some corp is teaming up with indian group tata emerging this steel operations in europe it's the result of a massive global steel glut the news has sent governments scrambling to save jobs. protests have already begun at this to some coke plant where workers have set up a vigil for the jobs they're afraid to lose two thousand in management and another two thousand in production split evenly between the two companies some fear these cuts are only the beginning. here not in the form i don't expect much good to come out of this it seems that after initial cuts there's also a restructuring planned but probably not the problem is that we have to shoulder the burden of the merger we definitely stand against this if we can't stop a merger at least we'll try to get a

update first a mega merger in the steel industry and the scene is set for a fierce jobs battle german industrial giant tousen corp is teaming up with the indian group tata emerging their steel operations it's the result of a massive global steel glut the news has sent governments and unions scrambling to save jobs. protests have already begun at this to plant where workers have set up a vigil for the jobs they're afraid to lose two thousand in management and another two thousand in production split evenly between the two companies some fear these cuts are only the beginning. you're not in the form i don't expect much good to come out of this it seems that after initial cuts there's also a restructuring plan and the problem of the problem is that we have to shoulder the burden of the merger we definitely stand against this if we can't stop a merger at least we'll try to get as many concessions to workers as possible. we're going to switch this most important for us is how many jobs will be left where they keep all the plants open can we get our trainees into employment that's what we're fighting for. with workers worried to some cop c.e.o. highly he's in

chandrasekaran has called this merger just a few moments ago a momentous occasion tata steel is of course a major rival also of to some corp what exactly are those synergies that you're looking for. yeah we're looking to four hundred to six hundred million of synergies and lead to achieve in the merger and the phase one we definitely see synergies in general administration but in the production side as we do it as well we definitely think on r. and d. on procurement but on better capacity utilization as well across our assets that we will then commonly share we can have a better position and realize synergies we couldn't realize each of us standalone and therefore we think with that this will have less impact on the employment than we would have if we were to can continue both standalone dear you just build to the perfect bridge there for me because we do hear that some four thousand jobs will be lost how do you want to handle this transitional period to work well for us well i think again four thousand in that period of time to come given the base of forty eight thousand is by far not as big as many have expected to come

begin with the latest move to counter europe's steel crisis german industrial giant to some corp is merging its european operations with its indian competitor tata two are better than one they say but employees are not that enthusiastic about the news as the fusion will likely cost thousands of jobs. protests have already begun at this to some coal plant where workers have set up a vigil for the jobs they're afraid to lose two thousand in management and another two thousand in production split evenly between the two companies some fear these cuts are only the beginning. you have got to move from i don't expect much good to come out of this it seems that after initial cuts there's also restructuring planned but probably not the problem is that we have to shoulder the burden of the merger we definitely stand against this if we can't stop a merger at least we'll try to get as many concessions to workers as possible. consideration is most important for us is how many jobs will be left will they keep all the plants open can we get our trainees into employment that's what we're fighting for. with workers worried to some cop c.e.o. highly he's inger is

german steel giant tristen corp and india tata steel have struck a preliminary deal to merge their european operations creating a fifty fifty joint venture if the merger goes ahead up to four thousand jobs could be lost i have a combined work force of forty eight.