German industrial group Thyssenkrupp said on Friday it planned to cut costs by 500 million euros ($531 million) over three years at its steel unit, which it is seeking to merge with Tata Steel's European operations.

The European unit, facing pressure from cheap imports and industry overcapacity, has already reduced costs by more than 600 million euros in a restructuring program that ended about a year ago.

Regarding the latest round of cost-cutting, the group said in a statement: "This will include improving cost efficiency in areas such as personnel, maintenance and repair, logistics, sales and administration."

Germany’s largest trade union, IG Metall is opposing to the tie-up and described it as “high risk” amid fears it would lead to thousands of job losses and the closure of plants in Germany.

Thousands of Thyssenkrupp workers demonstrated against consolidation and restructuring in front of the steel unit’s headquarters in Duisburg,

Overproduction and workers "optimizations", nothing changed in last 100 years :-)