Company was downgraded by S&P last wee
The market share war for oil gets all the headlines but similar stories are playing out in all commodity-related industries.
Europe's second-largest steelmaker Tata Steele will cut jobs in Wales and Northern England. The company dropped 1200 workers in the UK in October but continues to feel the strain.
The company will continue to employ 26,000 workers in the EU but with Chinese trade barriers coming down, it's difficult to imagine anyone feeling secure in their job.
"Chinese steel shipments into the EU have doubled over the past two years while steel prices have collapsed by about 40%, according to data from International Steel Statistics Bureau," the WSJ reports.
