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UPDATE 1-India's Tata Steel posts steep third quarter loss on cheap imports

2016-02-04 22:01:15| Steel - Topix.net

MUMBAI, Feb 4 India's Tata Steel Ltd swung to a hefty third quarter loss on Thursday, blaming cheap Chinese imports for having to axe 3,000 jobs at its UK unit, as it tries to slim down to cope with the global steel crisis. The European business of Tata Steel, the parent company of Britain's largest and Europe's second-largest steel producer, has cut thousands of jobs since it bought Anglo-Dutch producer Corus in 2007.

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