The European Commission today announced its decision to prohibit the proposed European steel joint venture between Tata Steel Ltd and thyssenkrupp AG.
Both companies, in statements on May 10, anticipated the European Commission would not clear the proposed joint venture despite both parties offering a comprehensive package of remedies. Tata Steel noted with deep disappointment the conclusions of the Commission. Tata Steel remains committed to its long-term strategy of focusing on growth in India and working towards creating a sustainable portfolio in Europe.
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About Tata Steel’s European operations
Tata Steel is one of Europe's leading steel producers, with steelmaking in the Netherlands and the UK, and manufacturing plants across Europe. The company supplies high-quality steel products to the most demanding markets, including construction and infrastructure, automotive, packaging and engineering. Tata Steel works with customers to develop new steel products which give them a competitive edge. The Tata Steel group is among the top global steel companies with an annual crude steel capacity of 33 million tonnes. It is one of the world's most geographically-diversified steel producers, with operations and a commercial presence across the world. The group’s turnover (excluding its South East Asia operations) in the year ending March 2019 was US $22.67 billion.