Updated By: LatestGKGS Desk
TATA Steel approves European Steel Joint Venture with Thyssenkrupp, details
Joint Venture between Word's major steel companies: TATA Steel and Thyssenkrupp AG
The Board of Tata Steel has approved the terms to create 50:50 venture which will combine the European Steel businesses of Tata Steel and German ThyssenKrupp AG.
This is to create Europe's second-largest steelmaker after steel tycoon Lakshmi N Mittal's ArcelorMittal.
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 step follows the signing of a Memorandum of Understanding in this regard in September 2017.
The formal execution of the definitive agreements is expected by the end of 2018.
