Frankfurt/Duesseldorf — Germany’s Thyssenkrupp and India’s Tata Steel signed a final agreement on Saturday to establish a long-expected steel joint venture, the European steel industry’s biggest shake-up in more than a decade. The deal comes after months of negotiations since an agreement in September. Both companies hope it will help them respond to challenges in the volatile steel industry, including overcapacity. The largest European steel deal since the takeover of Arcelor by Mittal in 2006, the 50-50 joint venture — to be named Thyssenkrupp Tata Steel — will have about 48,000 workers and about €17bn in sales. Based in the Netherlands, it will be the continent’s second-largest steel maker after ArcelorMittal. It forms the core of Thyssenkrupp CEO Heinrich Hiesinger’s plan to turn his steel-to-submarines conglomerate into a technology company. The deal is expected to be completed in the fourth quarter of 2018 or in the first quarter of 2019, depending on antitrust talks with the ...
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