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MUMBAI (Reuters) - India's Tata Steel Ltd said on Friday it will explore all options for its European steel business after its proposed joint venture with German steel giant ThyssenKrupp AG failed to secure ...
BENGALURU (Reuters) - Tata Steel on Friday said that the European Commission does not intend to clear its proposed joint venture with Germany's Thyssenkrupp. The two companies had agreed last year to combine ...
ThyssenKrupp said on Sunday it still saw scope for agreement with European antitrust regulators on a planned joint venture with Tata Steel despite a Financial Times report that Brussels was likely to block the deal. Tata Steel and ThyssenKrupp have proposed combining their steel operations in Europe to form the region's second-biggest steelmaker. Earlier on Sunday, the Financial Times reported that EU antitrust regulators were concerned the deal would lead to less choice and higher prices for steel and were increasingly likely to block it unless the companies offered greater concessions.
European workers at India's Tata Steel no longer believe that a joint venture with Thyssenkrupp is in the best interests of the company, the European works council said in a statement. The two companies agreed last year to combine their European steel activities, a move that would create the continent's second-largest steelmaker but still needs approval from the European Commission, which plans to make a decision by June 17. At a meeting with Tata Chairman Natarajan Chandrasekaran, Works Council chairman Frits van Wieringen confirmed that workers do not support a package of remedies designed to win the support of the European Commission.
Tata Steel Ltd's Europe unit said on Friday a fire broke out at its Port Talbot site in South Wales but there were no major injuries and fire was now under control. The Port Talbot site, which dates back to the early 1900s, was acquired by Tata Steel as part of its acquisition of Corus in 2007. Port Talbot is home to one of the two integrated steelmaking sites that the company operates in Europe.
Thyssenkrupp and Tata Steel have offered concessions to address EU antitrust concerns about their planned steel joint venture, the European Commission said on Tuesday. The EU competition regulator, which did not provide details of the concessions, extended its deadline for a decision on the deal to June 5 from May 13. It has previously voiced concerns about the deal's impact on steel for car parts, packaging such as food and aerosol cans and electrical steel for engineering products including transformers.
Tata Steel is likely to offer to sell parts of its European packaging activities to secure regulatory approval for a planned joint venture with Thyssenkrupp, three people familiar with the matter told Reuters. The two steelmakers on Wednesday agreed an eight-day extension to a deadline for submitting remedies to the European Commission, which has been concerned that the combined entity could hurt competition in some areas. The Commission aims to wrap up its antitrust investigation into Tata Steel and Thyssenkrupp's tie-up by May 13.
Thyssenkrupp and Tata Steel have agreed with the European Commission to extend a deadline to submit remedies in exchange for regulatory approval for a planned European steel joint venture, Thyssenkrupp said. The deadline, which sources said was due to expire later on Wednesday, will be extended by eight working days, Thyssenkrupp said. This will move the overall deadline for a decision to May 13 from April 29, the Commission said on its website.
Germany's Thyssenkrupp and India's Tata Steel will be warned this week that EU antitrust regulators could veto their planned European steel joint venture unless they offer concessions, people familiar with the matter said on Monday. The European Commission is expected to send a charge sheet known as a statement of objections to the companies, the people said. Such documents set out serious competition concerns which companies have to address with specific concessions or see their deal blocked.
Shutdowns and operational issues at IJmuiden plant in the Netherlands and Port Talbot in Wales hurt the company's performance in the quarter, Tata Steel said. The company is currently awaiting approval from the European Commission (EC) to combine its steel unit in Europe with Thyssenkrupp, a deal that was announced last year. Thyssenkrupp on Tuesday said it had submitted documents that the EC requested in December to resume its in-depth investigation of the transaction, which would create Europe's second-largest steelmaker after ArcelorMittal.
FRANKFURT/MUMBAI (Reuters) - Germany's Thyssenkrupp and India's Tata Steel on Monday named the top management of their planned European joint venture, ending months of uncertainty over who will join the entity's leadership. Andreas Goss, the head of Thyssenkrupp's steel division, will become the chief executive of the entity, which will be Europe's second-largest steelmaker after ArcelorMittal. Hans Fischer, who is currently leading Tata Steel's European division, will become deputy CEO and chief technology officer.
DUESSELDORF/LONDON (Reuters) - 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 Friday. Andreas Goss, head of Thyssenkrupp's steel unit, is the front runner to become chief executive of the combined entity, which will be Europe's second-largest steelmaker after ArcelorMittal, the people said. Goss, seen as well connected in the industry, has led Thyssenkrupp's steel division since 2014.
Net profit came in at 31.16 billion rupees ($428.79 million)in its fiscal second quarter ended Sept. 30 from 10.18 billion rupees a year earlier, compared with an analysts estimate of 22.47 billion rupees, according to IBES data from Refinitiv. The Mumbai-based company posted a rise of 15 percent in total steel deliveries in the quarter, of which India deliveries accounted for 58 percent. "While we are positive on steel demand outlook especially in India, the risk of trade wars and increasing imports remains a concern," Chief Executive Officer T V Narendran said in a statement.