Tata Steel says supports logic of joint venture with ThyssenKrupp

reuters

Business, Companies

Tata Steel and ThyssenKrupp had proposed to combine their steel operations Europe.

The deal has not been approved because of concerns about its impact on competition.

Mumbai: India’s Tata Steel Ltd said on Wednesday that it supports the logic behind a joint venture with ThyssenKrupp, days after the companies submitted proposals to the European Commission to get a nod to the proposed partnership.

“We continue to engage in a constructive dialogue with the European Commission and believe our proposals address their concerns, and still very much support the industrial logic of the joint venture,” said a Tata Steel spokesman in an emailed statement to Reuters.

Tata Steel and ThyssenKrupp had proposed to combine their steel operations Europe, which would form the region’s second-biggest steelmaker. However, the deal has not been approved because of concerns about its impact on competition.

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