• Saturday, May 21, 2022

Business

EU launches investiagation into proposed Tata Steel and ThyssenKrupp merger

By: Sarwar Alam

The European Union on Tuesday launched an in-depth probe into the proposed creation of a joint venture between Tata Steel of India and Germany’s ThyssenKrupp, saying it could reduce competition. ThyssenKrupp struck a deal in June to merge its steelmaking 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…

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