BloombergTata Steel Ltd plans to axe as many as 3,000 jobs across its European operations to cut costs in the latest blow to the region’s industry, with the move coming amid a heated general election campaign in the UK. STAGNANT DEMAND“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,” Mumbai-based Tata Steel said. The European steel industry has faced growing headwinds this year amid declining demand, slowing economic growth and the consistent threat of overseas supplies, including exports from Turkey, Russia and China. The steelmaker’s European operations are facing conditions that are “unprecedented,” Tata Steel in Europe CEO Henrik Adam said. ArcelorMittal, the world’s top steelmaker, this month said that European steel consumption would drop by up to 3 percent this year, the most since 2012.

Source: Taipei Times November 19, 2019 15:56 UTC