Thyssenkrupp and Tata Steel look to lead the sheet metal market in Europe

In a joint venture, Thyssenkrupp and Tata Steel will merge their European steel businesses. Both companies will have an equal stake in the new company, which will become the second largest steelmaker in Europe.

The aim of the companies is to create a leading European player in the production of rolled steel. The new venture will position itself as a leader in sheet metal quality and technology. It is assumed that the new facility will provide supplies of about 21 million tons per year, and a workforce of about 48,000 people. The Thyssenkrupp Tata Steel joint venture will be managed through a holding company based in the Netherlands.

Heinrich Hiesinger, CEO of Thyssenkrupp AG, comments: “With the planned joint venture, we put the European steel operations of Thyssenkrupp and Tata into the future. We are solving the structural problems of the European steel industry and creating a strong # 2 unit. "

According to Natarajan Chandrasekaran, chairman of Tata Steel India, headquartered in Mumbai, the two companies have a strong legacy in the global steel industry and share similar cultures and values. “This partnership is an important milestone for both partners, who will focus on building a powerful European metallurgical plant. The strategic logic of the proposed joint venture in Europe is based on very strong assets and I am confident that Thyssenkrupp Tata Steel will have a great future. "