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  • 12

    Jun
    2019

    European Commission prohibits proposed JV between Tata Steel and thyssenkrupp

    Tata Steel announced that the European Commission on 11 June 2019, formally announced its decision to prohibit the proposed European steel joint venture between Tata Steel and thyssenkrupp AG. Both companies, in statements on May 10, 2019, anticipated that the European Commission would not clear the proposed joint venture despite both parties offering a comprehensive package of remedies addressing the concerns of the Commission. Tata Steel noted with deep disappointment the conclusions of the Commission. The Company remains committed to its long-term strategy of focusing on growth in India, continue deleveraging its Balance Sheet and working towards creating a sustainable portfolio in Europe.

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