EC to block planned Tata Steel, ThyssenKrupp joint venture

German steel conglomerate ThyssenKrupp and steel producer Tata Steel expect the European Commission (EC) to block their plans for a joint venture in the region, the companies said on Friday May 10.

“After today’s conversation with the EC, ThyssenKrupp and Tata Steel expect that the planned joint venture of their European steel activities will not go ahead due to the EC’s continuing concerns,” ThyssenKrupp said. “The EC took the improvements of the submitted covenants proposed by ThyssenKrupp and Tata Steel as an opportunity to conduct another market test,” the company added. “The new market survey did not resolve the EC’s concerns, although the partners had offered significant further concessions.” Earlier this month, employees of Tata Steel Europe, represented by their European works council (EWC), said that they no longer supported the creation of a joint venture with ThyssenKrupp because they did not believe that it would be in the...


Maria Tanatar

May 10, 2019

17:00 GMT