ThyssenKrupp: EU investigates planned JV with Tata Steel

(CercleFinance.com) - The European Commission announces that it has opened an in-depth investigation into the proposed joint venture by Tata Steel and ThyssenKrupp.


"At this stage, the Commission is concerned that the merger may reduce competition in the supply of various high-end steels," the Commission said.

The proposed transaction would enable Tata Steel and ThyssenKrupp to combine their European carbon steel and magnetic steel activities in a joint venture.

Commissioner Margrethe Vestager, in charge of competition policy, said: “Steel is a crucial input for many of the goods we use in our everyday life, and competitive steel prices are vital for the European economy. Industries dependent on steel employ over 30 million people in Europe and we must be able to compete in global markets. This is why we will carefully investigate the impact of the planned combination of Tata Steel's and ThyssenKrupp's steel businesses on effective competition in the steel markets.”



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