Tata Steel to cut 3,000 jobs in Europe

Tata Steel is planning to cut 3,000 jobs in its European operations, the company said on Monday, citing oversupply and flat demand in the continent. "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," Tata Steel said.

The statement, which was issued after the Indian and European markets shut, confirmed an earlier report by Reuters, citing a source on the planned layoffs.