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Tata Steel And Thyssenkrupp Sign Definitive Joint Venture Agreements To Create New Steel Champion In Europe
2018-06-30 Alliance and Joint Ventures Metallurgical Industries International
Tata Steel and thyssenkrupp AG today signed definitive agreements to combine their European steel businesses in a 50/50 joint venture in a new company. This follows the signing of a Memorandum of Understanding in September 2017.
The proposed new company, to be named thyssenkrupp Tata Steel BV, will be positioned as a leading pan European high quality flat steel producer with a strong focus on performance, quality and technology leadership. The joint venture is built on the strong foundations of common value systems and a long heritage in the industry. The transaction is subject to merger control clearance in several jurisdictions, including the European Union.
Dr. Heinrich Hiesinger, CEO of thyssenkrupp AG, commented: “We will create a highly competitive European steel player - based on a strong industrial logic and strategic rationale. We will secure jobs and contribute to maintaining value chains in European core industries.”
Until completion of the JV process, thyssenkrupp Steel Europe and Tata Steel in Europe still operate as separate companies and as competitors. Only after completion of the JV process, thyssenkrupp Steel Europe and Tata Steel in Europe will be integrated as one company.