Germany’s Thyssenkrupp and India’s Tata Steel are close to deciding who will lead their planned European steel joint venture, four people familiar with the matter said on December 7.
Tata Steel Ltd said on Wednesday it will continue its discussions with the European Commission after the body raised concerns over its planned steel joint venture with Thyssenkrupp.
Thyssenkrupp today said it has bagged a contract worth around USD 115 million from Doosan Power Systems India (DPSI) to supply material handling plants for two thermal power projects in Uttar Pradesh.
Thyssenkruppwill take its time to replace Chief Executive Heinrich Hiesinger after his resignation, dampening hopes of a speedyrestructuring or even a break-up of the German industrial group.
The chief executive officer of German industrial giant Thyssenkrupp today announced his resignation, just days after he hailed the “historic” merger of the company’s steelmaking business with Tata Steel.
ThyssenKrupp Chief Executive Heinrich Hiesinger said he would restructure the German industrial conglomerate further after signing a long-awaited deal to merge its steel assets with those of India’s Tata Steel.
The signing of definitive agreements for the proposed joint venture between Tata Steel Europe and Thyssenkrupp will help the parent company in India focus on creating a strong Indian platform at a time when it plans to “double down” on its current capacity, Tata Sons chairman N Chandrasekaran said on Monday.
Tata Steel faces more pain before it can heal in Europe. German rival ThyssenKrupp has outperformed the Indian group since last September, when the two agreed a 50-50 joint venture to create Europe’s second-largest steelmaker.
German steel maker ThyssenKrupp and Tata Steel have agreed to form an equal joint venture that would create Europe’s second-largest steel firm, after ArcelorMittal.