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The German steelmaker Thyssenkrupp and the Indian Tata Steel signed a definitive agreement Saturday for the creation of a joint venture, in the largest transaction of the European steel industry for more than a year. 39, a decade.
Negotiations since the announcement of an initial agreement in September 2017. The two companies expect their partnership to help them meet the challenges of the volatile steel industry, including overcapacity.
The joint venture with a 50-50 stake, the largest steel agreement in Europe since Arcelor's acquisition by Mittal in 2006 will call it Thyssenkrupp Tata Steel and will have approximately 48,000 employees and some 17,000 million euros (about 19,900 million dollars) in sales
Based in the Netherlands, it will be the second largest steel mill on the continent after ArcelorMittal.
Analysts predict that the agreement, which was in the making for more than two years, is completed in the fourth quarter of this year or the first quarter of 2019 according to antitrust negotiations with the Commission European Union, the company said. Thyssenkrupp's joint venture, Heinrich Hiesinger, is the only solution to create significant added value (…) for Thyssenkrupp and Tata Steel "
In a separate statement, Tata Steel's chairman, Natarajan Chandrasekaran, said the joint venture would create "a solid, structurally sound, pan-European steel company and
the agreement comes at a time when European steelmakers face 25% tariffs on their exports to the United States , its biggest market. This could force local markets to absorb more of the steel production.
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