One of Germany’s oldest industrial giants has agreed to a merger deal with one of India’s biggest steelmakers. Thyssenkrupp sought the deal as a way to overcome challenges caused by cheap Chinese steel, reported the Deutsche Welle.
Thyssenkrupp’s supervisory board signed off on Friday on a planned merger of the company’s steelmaking business with India’s Tata to create the second-largest steelmaker in Europe.
“It’s good news for steel and trailblazing for our future,” Thyssenkrupp Steel Europe boss Andreas Goss was quoted as saying by the Westdeutsche Allgemeine Zeitung and Welt am Sonntagnewspapers.
The two firms will each have a 50% share in the new company called Thyssenkrupp Tata Steel, which will be headquartered in the Netherlands and employ 48,000 people at 34 sites worldwide.
“With this merger we’re in a better position, through better access to customers and regions,” Goss said.
Full Content: Deutsche Welle
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