Indian steel company Tata Steel and German steel conglomerate ThyssenKrupp have signed a much anticipated definitive agreement to create a 50:50 European joint-venture, the companies said on June 30.
"With the joint venture we create a highly competitive European steel player - based on a strong industrial logic and strategic rationale. This will help secure jobs and value chains in European core industries," ThyssenKrupp's chief executive Heinrich Hiesinger said.The two companies signed a Memorandum of Understanding (MoU) in September last year.Both Tata Steel and ThyssenKrupp have successfully completed negotiations with employee representatives. "Taking the different forms of co-determination in the respective countries into account, the basic idea of an integrated company with joint management [has now...