Tata Steel approves European steel joint venture with Thyssenkrupp
Team Udayavani, Jun 30, 2018, 6:22 PM IST
New Delhi: Tata Steel today said its board haas approved joint venture (JV) with German steel major Thyssenkrupp AG to combine the European steel business of both the firms.
The JV between two of the world’s major steel companies will combine Thyssenkrupp and Tata Steel’s European steel operations to create Europe’s second-largest steelmaker after steel tycoon Lakshmi N Mittal’s ArcelorMittal.
“The Board of Tata Steel has approved the terms to create a 50:50 joint venture which will combine the European steel businesses of Tata Steel and thyssenkrupp AG and has adopted resolutions for the signing of the definitive agreement,” Tata Steel said in a BSE filing.
The step follows the signing of a Memorandum of Understanding in this regard in September 2017.
The formal execution of the definitive agreements, it said, is expected shortly.
Both the companies had in September last year announced plans to combine their European operations and form an equal joint venture.
German steel giant Thyssenkrupp has said last year that it expects its proposed joint venture with Tata Steel Europe to be finalised by the end of 2018.
The company plans to produce 35,000 million tonnes (mt)per annum of CRGO electrical steel used in transformers for power sector from the expanded factory, against the current capacity of 10,000 mt.
The company had said the new product line set-up will help in meeting the continuously increasing demand for cold rolled grain oriented in the Indian market.
Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.
Top News
Related Articles More
Google’s plea against CCI order in android mobile device case mentioned in SC
Sensex, Nifty scale fresh peaks after Federal Reserve’s rate cut decision
Sensex, Nifty retreat from record highs on profit booking in IT shares ahead of US Fed decision
Bull run continues… Sensex, Nifty hit fresh record high levels
Airfare hike not linked to rise in airport charges: Airports Council International
MUST WATCH
Latest Additions
One more test negative for Nipah virus; 134 fall under high-risk category
Bengaluru suffering from apathy of state govt; investors moving away: Goyal
Raid at Mangalore Port: Two child laborers rescued
Court grants conditional bail to BJP MLA Munirathna
Why PM ‘adamantly refusing’ to go to Manipur: Cong ahead of Modi’s US trip
Thanks for visiting Udayavani
You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.