In September 2017 we signed a Memorandum of Understanding to form a joint venture with thyssenkrupp’s European steel division.
We have since been following a carefully governed due diligence process, involving our stakeholders formally and informally on various levels, as we move forward in the process. This page offers the latest news on developments and background materials.
At Tata Steel, we choose to embrace the challenges of a changing world as opportunities. If the automotive industry moves towards the hybrid and electric powertrain market, we help them find new and advanced and high-strength steels for light-weighting. If society seeks an answer to tomorrow’s sustainability issues today, we aspire to implement the necessary innovation of our processes.
Structural improvements in our organisation, following the sale of Long Products and Speciality Steels, have laid the solid foundations of a fully strip-focused steel company with a strong focus on value creation for our customers, our employees, our shareholders and our other stakeholders.
We believe the proposed joint venture with the European steel business of thyssenkrupp will have the scale and capabilities to accelerate and strengthen our mission, to build the leading European steel business that is sustainable in every sense. With our shared values, combined strengths and expertise we are convinced we could create a European flat steel business that leads in technological innovation, quality, sustainability and customer focus.
We are committed to the consultation processes with our works councils throughout Europe and will continue to engage with other stakeholders, such as the trade unions, as well. If a definitive agreement is signed, the relevant competition and antitrust authorities will be asked for approval of our plans.
I look forward to a successful conclusion of the joint venture process.
Together we make the difference.
CEO and CTO, Europe