The merger of Tata’s European strip business and thyssenkrupp’s steel division creates an entity that will be Europe’s second-largest steelmaker, with an estimated EUR15 billion in sales and 21 million metric tons in shipments. 

“The joint venture not only addresses the challenges of the European steel industry, it is the only solution to create significant additional value of around 5 billion euros for both thyssenkrupp and Tata Steel due to joint synergies which cannot be realized in a stand-alone scenario. For both partners the stake in the joint venture means a significant lift up of value,” said thyssenkrupp AG chief executive Heinrich Hiesinger. 

To be called thyssenkrupp Tata Steel B.V., the joint venture will be managed as a single, integrated business through a holding company headquartered in the Amsterdam region of the Netherlands. The joint venture will employ approximately 48,000 at 34 locations.

“The joint venture will create a strong Pan-European steel company that is structurally robust and competitive," said Tata Steel chairman Natarajan Chandrasekaran. 

"This is a significant milestone for Tata Steel and we remain fully committed to the long-term interest of the joint venture company. We are confident that this company will create value for all stakeholders,”