Source: Tata Steel
Tata Steel confirmed the European Commission had initiated an in-depth investigation of the proposed joint venture between Tata Steel and thyssenkrupp’s European steel operations. Tata Steel will continue its constructive discussions with the European Commission to secure approval for the proposed joint venture.
On 20 September 2017, Tata Steel and thyssenkrupp signed a Memorandum of Understanding to form a joint venture in respect of each business’s European steel operations. Tata Steel and thyssenkrupp announced their definitive Joint Venture agreements on 30 June 2018. Both parties notified the proposed joint venture to the European Commission on 25 September 2018.
Tata Steel is one of Europe’s leading steel producers, with steelmaking in the Netherlands and the UK, and manufacturing plants across Europe. The company supplies high-quality steel products to the most demanding markets, including construction and infrastructure, automotive, packaging and engineering. Tata Steel works with customers to develop new steel products which give them a competitive edge. The combined Tata Steel group is one of the top global steel companies, with an annual crude steel capacity of 27.5 million tonnes and more than 65,000 employees across five continents. The group’s turnover in the year ending March 2018 was US $20.4 billion.