Thyssenkrupp deal to help Tata Steel double capacity, says N Chandrasekaran

Tata Steel and Thyssenkrupp agreed to create Europe's No.2 steel firm

Tata Group Chairman N Chandrasekaran on Wednesday said Tata Steel's deal with Thyssenkrupp will help create a strong, clean balance sheet, coupled with solid products and research & development capabilities to grow. The deal would likely be closed by December 2018 or early 2019 and the combined entity would have a capacity of 20 mt and 48,000, he added.

Early on Wednesday, Thyssenkrupp and Tata Steel struck a preliminary agreement to combine their European steel operations in a 50-50 joint venture, creating the continent's No.2 steelmaker after ArcelorMittal.
 
The new company, to be named Thyssenkrupp Tata Steel, would be headquartered in or near Amsterdam, Thyssenkrupp said in a statement after the two companies signed a memorandum of understanding (MoU).