Tata Steel and ThyssenKrupp have abandoned plans to merge their European steel operations as they are expected to be blocked by the European Commission. Glory Steel could offer
CK45 square steel bar for Thyssen Krupp elevator.
Although the joint venture plan ended without results, Tata Steel said that the proposed joint venture was an important strategic move of the company to create a sustainable investment portfolio to help it divest its European operations while completing its assets and de-leveraging of the balance sheet. Tata Steel will continue to adhere to this strategic direction and will continue to explore other strategic ways to achieve this strategic goal in the future.
ThyssenKrupp CEO Guido Kerkhoff said that after abandoning the merger with India’s Tata Steel, ThyssenKrupp will continue to find new partners for its steel business.
After declaring abandonment of the merger plan last Friday, Kerkhoff decided to transform the company into a holding company and consider splitting its profitable elevator business separately. He has reached an agreement with the union on this new program, according to the new strategy, the company is expected to lay off 6,000 people, accounting for about 4% of the total number of ThyssenKrupp employees.