Tata Steel, German co Thyssenkrupp call off JV

The JV, announced in September 2017, was supposed to create Europe’s second-largest steel company with a turnover of 15 billion euros, behind ArcelorMittal. The deal was expected to stabilise and cut down the debt of the Tatas’ loss-making European steel business. The collapse of the JV is a setback to Tata Group chairman N Chandrasekaran’s restructuring initiatives.

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