EU launches in-depth probe into Tata-ThyssenKrupp steel merger

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.

"At this stage, the commission is concerned that, following the transaction, customers would face a reduced choice in suppliers, as well as higher prices," the European Commission, the bloc's executive arm, said in a statement.