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Tata Steel has given approval to a proposal to create a 50:50 joint venture (JV), of Tata Steel’s European steel businesses and Thyssenkrupp AG.
In a BSE filing the company stated that, the board has also accepted resolutions for the signing of the definitive agreement. The formal execution of the definitive agreements is expected shortly.
Moreover, the proposed JV will combine Thyssenkrupp’s and Tata Steel’s European steel operations, to create Europe’s second-largest steelmaker, after Lakshmi N Mittal’s ArcelorMittal.
