News Details

Oct 31, 2018 | European Union launches in-depth probe into Tata-ThyssenKrupp steel merger

Read More>> BRUSSELS: The European Union on Tuesday launched an in-depth probe into the proposed creation of a joint venture between Tata SteelNSE -4.83 % of India and Germany's ThyssenKrupp, saying it could reduce competition. 

ThyssenKrupp struck a deal in June to merge its steel making business with Tata in response to a flood of cheap Chinese steel unbalancing world markets, with the new venture set to become Europe's second biggest manufacturer of the metal. 

Bosses hoped the deal, more than two years in the making, would result in 400-500 million euros ($470-590 million) a year in savings, but the merger has caught the eye of competition officials in Brussels.