Tatal Steel and Thyssenkrupp plan a joint venture in Europe

Tata Steel discussed with the German steel company ThyssenKrupp AG the possibility of a joint venture in Europe.

The Chief Financial Officer of Tata Steel Group said the discussion on strategic consolidation in the European steel industry is part of a plan to look at how assets and businesses work together on both sides. However, it remains to be decided what stake Tata Steel and Thyssenkrupp will have in the new joint venture.

ThyssenKrupp, in turn, said it is extremely interested in consolidation, taking on several players, including Tata Steel.

Tata Steel is the second largest steelmaker in Europe with an annual capacity of 18 million tonnes after it acquired Corus, while European operations ThyssenKrupp AG Steel has sales of 8.6 billion euros and employs 27,600 people.