Tata Steel and thyssenkrupp to form Europe’s second largest steel group
Tata Steel and thyssenkrupp have signed a memorandum of understanding (MoU) to enter into a 50:50 joint venture that creates Europe’s second largest steel group. The deal combines the companies’ flat steel businesses, bringing together some 48,000 employees and £13.3bn in annual revenues. The enterprise will be headquartered in Amsterdam and is expected to lead to roughly 4,000 job losses, although it does secure the immediate future of the Port Talbot steelworks. Together, thyssenkrupp Tata Steel will ship about 21m tonnes of flat steel each year.