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Tata Steel,thyssenkrupp AG has signed Memorandum of Understanding(MoU) for joint venture of 50:50 for their European Assets.
Flat steel business of both companies in Europe will be combined with thyssenkrupp’s steel mill services. The turnover of this joint venture will be 15 billion euros per annum,nearly Rs.1,15,000. It will be headquartered in Amsterdam,Netherlands.
Tata Steel in a press release said that,”The proposed 50:50 joint venture-thyssenkrupp Tata Steel-would be focused on quality and technology leadership, and the supply of premium and differentiated products to customers,with annual shipments of about 21 million tonnes of flat steel products.”
