Tata Steel and Thyssenkrupp canceled joint venture for European Steel operations.

Tata Steel and Thyssenkrupp signed a definitive agreement to create a new company by combining their European steel businesses in a 50/50 joint venture. “The joint venture not only addresses the challenges of the European steel industry. It is the only solution to create significant additional value of around €5bn for both Thyssenkrupp and Tata Steel due to joint synergies which cannot be realized in a stand-alone scenario. For both partners the stake in the joint venture means a significant lift up of value.” Heinrich Hiesinger, Thyssenkrupp CEO.